The Information Content of REIT Credit Rating Actions and Transparency

被引：0

作者：

Tidwell, Alan ^{[1
]}

Ziobrowski, Alan ^{[2
]}

Gallimore, Paul ^{[3
]}

Ro, SeungHan ^{[4
]}

机构：

[1] Columbus State Univ, Columbus, GA 31907 USA

[2] Georgia State Univ, Atlanta, GA 30303 USA

[3] Univ Reading, Reading RG6 6UD, Berks, England

[4] Konkuk Univ, Seoul 143701, South Korea

来源：

JOURNAL OF REAL ESTATE RESEARCH | 2013年 / 35卷 / 03期

关键词：

CORPORATE GOVERNANCE; STOCK RETURNS; INVESTMENT; DETERMINANTS; MARKET; PRICE; PERFORMANCE; SHARE; BOND; ANALYSTS;

D O I：

暂无

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the short-run and long-run price reaction of equity real estate investment trust (REIT) shares following credit rating actions, testing the transparency of the REIT structure. Generally, the economic effect on the stock price is subdued for both upgrades and downgrades compared to prior literature examining the broader U.S. equity market. An examination of trading volume revealed a significant increase in trading in reaction to downgrade credit rating changes, with a more subdued response to upgrades. The findings support the notion that REITs are more publicly forthcoming about the expectation of positive news in comparison to negative news.

引用

页码：365 / 391

页数：27

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