Does A Firm's Entry or Exit Affect Competitors' Value? Evidence from the REIT Industry

被引：4

作者：

Chan, Su Han ^{[1
]}

Chen, Jiajin ^{[2
]}

Wang, Ko ^{[1
]}

机构：

[1] Johns Hopkins Univ, Carey Business Sch, 100 Int Dr, Baltimore, MD 21202 USA

[2] Stockton Univ, Sch Business, 101 Vera King Farris Dr, Galloway, NJ 08205 USA

来源：

REAL ESTATE ECONOMICS | 2019年 / 47卷 / 01期

关键词：

MUTUAL FUND FLOWS; CROSS-SECTION; CAPITAL FLOWS; STOCKS; DYNAMICS; RETURNS; ISSUES; INDEX; PRICE; GAME;

D O I：

10.1111/1540-6229.12240

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze 483 entry and 439 exit events of publicly traded real estate investment trusts (REITs) and find that changes in the number of REITs in the market affect rival REITs' stock performance. We also partition the sample by the modes of entries and exits as well as by REIT asset type in order to disentangle alternative explanations. Overall, our evidence indicates that the supply effect still matters for stock prices even after considering signaling and price pressure explanations.

引用

页码：214 / 262

页数：49

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