Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Florian Madison

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© 2022 Nicholas B Maurice


A great deal of work has been done to study the effect of market leverage ratio on REIT performance. However, there has been little attention paid to studying the capital structure determinants of REIT market leverage ratios. Given popular theories on capital structures, REITs tax incentive structure should indicate its lower usage of leverage as a ratio of market capitalization. Using recent data, this paper investigates the effect of key capital structure determinants and sectorial on REIT market leverage ratio. The paper finds significant capital structure determinant and sectorial effects on market leverage ratio, indicating endogenous influences on use of leverage.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.