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    <title>Journal of Finance and Economics</title>
    <link>http://www.sciepub.com/journal/JFE</link>
    <description>Journal of Finance and Economics is a peer-reviewed, open access journal that provides rapid publication of articles in all areas of finance and economics. The goal of this journal is to provide a platform for scientists and academicians all over the world to promote, share, and discuss various new issues and developments in different areas of finance and economics.</description>
    <dc:publisher>Science and Education Publishing</dc:publisher>
		<dc:language>en</dc:language>
		<dc:rights>2013 Science and Education Publishing Co. Ltd All rights reserved.</dc:rights>
		<prism:publicationName>Journal of Finance and Economics</prism:publicationName>
		14
		1
		January 2026
		<prism:copyright>2013 Science and Education Publishing Co. Ltd All rights reserved.</prism:copyright>
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<title>
Capital Structure and Firm Value: Evidence from U.S REITs
</title>
<link>http://pubs.sciepub.com/jfe/14/1/1</link>
<description>
<![CDATA[The optimal capital structure remains a key research topic, aiming to minimize the weighted average cost of capital and maximize firm value. Real Estate Investment Trusts (REITs), with their unique regulatory and tax features, offer a compelling research area. This study departs from the traditional trade-off theory based on tax shields and financial distress, instead examining REITs' target leverage from a firm value maximization perspective. Focusing on U.S. REITs from 2000 to 2021, this research applies regression analysis on leverage ratios and firm value metrics (total revenue, net income, closing price, and EV/EBIT), incorporating fixed effects to estimate optimal capital structure. Results show a positive, significant relationship between leverage and total revenue, net income, and closing price, while the squared leverage term is negative and significant—supporting the presence of a target leverage ratio. However, leverage does not significantly affect the EV/EBIT ratio. This study offers valuable insights for corporate decision-making, investors, and regulators regarding REITs' capital structures.]]>
</description>
<dc:creator>
Chih-Hsing  Hung, Chu-Hsiung  Lin, Feng-Hua  Yeh, Hua-Wei  Chu
</dc:creator>
<dc:date>2026-03-15</dc:date>
<dc:publisher>Science and Education Publishing</dc:publisher>
<prism:publicationDate>2026-03-15</prism:publicationDate>
<prism:number>1</prism:number>
<prism:volume>14</prism:volume>
<prism:startingPage>1</prism:startingPage>
<prism:endingPage>12</prism:endingPage>
<prism:doi>10.12691/jfe-14-1-1</prism:doi>
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