Electronic Theses and Dissertations


long ma



Document Type


Degree Name

Doctor of Philosophy


Business Administration

Committee Chair

Ronald Spahr

Committee Member

Mark Sunderman

Committee Member

Ronald W Spahr

Committee Member

Mark A Sunderman

Committee Member

David Kemme

Committee Member

Bhavik Parikh


ABSTRACT This dissertation research comprises two essays. In the first essay, we examine the remarkable advancement of ETF markets and their shared impacts on REITs, specifically, their impacts on REIT capital structures, related costs of equity capital and stock market liquidity if a REIT’s stock is managed by ETFs as assets under management (AUM). Greater percentages of outstanding shares controlled as ETF AUM are associated with reduced financial leverage (both book and market leverage), reduced costs of equity capital and greater market liquidity. Also, regulatory statutes incentivize REITs to rely more heavily on external equity financing; further, REIT stocks managed as ETF AUM show greater reductions in leverage as compared to non-REIT stocks also held as ETF AUM. Our panel regressions and difference-in-differences models are robust with respect to these findings and to time and REIT type, REIT property type and firm fixed effects. In the second essay, we examine the determinants of net intercountry/multinational equity capital flows among 53 venues (countries) as measured by foreign direct investment (FDI) and foreign portfolio investment (FPI). The determinant of interest is country-specific governments’ financial stake in a firm, resulting from taxes paid on firm earnings, dividends, interest and capital gains for a typical firm. Our macro-finance approach posits that each county’s government financial stake congruently reduces stockholders’ stake, impacts incentives to retain in-country internally generated equity capital, and impacts each country’s ability to attract external equity capital. Our results indicate that governments’ financial stake significantly reduces country-specific net intercountry equity capital inflows. Also, we find that net multinational equity capital flows are affected by each country’s relative economic viability and relative business friendliness as proxied by GDP, Ease score index, Governance index and Economic freedom index.


Data is provided by the student

Library Comment

Dissertation or thesis originally submitted to ProQuest.


Open Access