THE FINANCING DECISIONS OF REITS - THE CASE OF WARRANT EXTENSIONS

被引：0
|
作者：
HOWE, JS [1 ]
WEI, PW [1 ]
机构：
[1] UNIV NEW ORLEANS,DEPT ECON & FINANCE,NEW ORLEANS,LA 70148
来源：
JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS | 1994年 / 8卷 / 03期
关键词：
REITS; WARRANTS; FINANCING;
D O I：
10.1007/BF01096994
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, we examine the warrant price and stock price reactions to the announcement of warrant life extensions by REM. As predicted by option pricing theory, warrant prices increase in response to these extensions. The stocks of REM making the extension announcements experience average abnormal returns that are not significantly different from zero. Thus, total firm value appears to increase, with the gains accruing primarily to the warrantholders.
引用
收藏
页码：235 / 243
页数：9
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