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Original Articles

Why real estate values decline with leverage: a Modigliani–Miller example

Pages 1507-1510 | Published online: 25 Mar 2011

References

  • Board of Governors of the Federal Reserve System (2010) Flow of Funds Accounts of the United States, Z1, Table L220. Available at http://www.federalreserve.gov/releases/z1 (http://www.federalreserve.gov/releases/z1) (Accessed: 10 March 2010 ).
  • Chan , S. , Erickson , J. and Wang , K. 2003 . Real Estate Investment Trusts: Structure, Performance, and Investment Opportunities , New York : Oxford University Press .
  • Modigliani , F. and Miller , M. 1958 . The cost of capital, corporation finance and the theory of investment . American Economic Review , 48 : 261 – 97 .
  • New York Times . 24 November 2010 . Market gauges , 24 November , B10 CLX : New York Times .
  • Stiglitz , J. 1969 . A re-examination of the Modigliani–Miller theorem . American Economic Review , 59 : 784 – 93 .
  • Wall Street Journal (2010) Money & investing (section C), Wall Street Journal, CCLVI, 24 November, C9, C11, and C17.

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