Leverage and types of debt in the Listed Real Estate Companies' capital structure decisions: 23rd Annual European Real Estate Society Conference

In this paper we analyse the capital structure decisions listed real estate companies by analysing the determinants of leverage. We investigate which factors contribute to the evolution of capital structures over time, i.e. whether there is persistence in the leverage levels of listed real estate companies and whether there exists a target leverage level the companies adjust to. In addition, we investigate to what extent companies leverage decisions are affected by their ability to substitute between different forms of debt.