Wealth effects of seasoned equity offerings by REITs - An empirical analysis of the US housing market since the Subprime-crisis

被引：0

作者：

Denich, Christian ^{[1
]}

Maul, Daniel ^{[2
]}

Schiereck, Dirk ^{[3
]}

Wieber, Christian ^{[1
]}

机构：

[1] Tech Univ Darmstadt, TAG Ctr Real Estate Asset Management, Darmstadt, Germany

[2] Tech Univ Darmstadt, Fachgebiet Unternehmensfinanzierung, Fachbereich Rechts & Wirtschaftswissensch, Darmstadt, Germany

[3] Tech Univ Darmstadt, Lehrstuhls Unternehmensfinanzierung, Darmstadt, Germany

来源：

BETRIEBSWIRTSCHAFTLICHE FORSCHUNG UND PRAXIS | 2014年 / 66卷 / 04期

关键词：

FREE CASH FLOW; OPERATING PERFORMANCE; INFORMATION RELEASES; AGENCY COSTS; EVENT; HYPOTHESIS; DECISIONS; FIRMS;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The objective of this article is to analyze the valuation effects around the announcement date of seasoned equity offerings by US-REITs after the Sub prime-crisis. Research to this day did not investigate whether or not investor's sentiment has changed since the crisis. It is expected that higher asymmetric information will lead to stronger price changes, albeit declining in magnitude over time. The results of our empirical investigation are consistent with these expectations. We find announcements effects of approximately -3 %, which are greater in magnitude than previous research would suggest. Furthermore, our regression analysis confirms the decreasing effect over time.

引用

页码：403 / 422

页数：20