{"title":"Shareholder wealth effects of private placements of debt made by REITs","authors":"Eric Higgins, Shawn Howton, Shelly Howton","doi":"10.1002/bref.110","DOIUrl":null,"url":null,"abstract":"<p>This study examined both the short-run and long-run shareholder wealth effects of private placements of debt made by Real Estate Investment Trusts (REITs). The authors found that there is no significant market reaction to the placement. One-year and three-year adjusted abnormal returns were found to be negative and significant for placing REITs. This suggests that REITs do not benefit from added monitoring associated with the private placement. The results also suggest that REIT managers issue in order to grow the asset size of the firm to the detriment of shareholder wealth. Copyright © 2004 Henry Stewart Publications</p>","PeriodicalId":100200,"journal":{"name":"Briefings in Real Estate Finance","volume":"3 4","pages":"305-314"},"PeriodicalIF":0.0000,"publicationDate":"2006-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/bref.110","citationCount":"6","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Briefings in Real Estate Finance","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/bref.110","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 6
Abstract
This study examined both the short-run and long-run shareholder wealth effects of private placements of debt made by Real Estate Investment Trusts (REITs). The authors found that there is no significant market reaction to the placement. One-year and three-year adjusted abnormal returns were found to be negative and significant for placing REITs. This suggests that REITs do not benefit from added monitoring associated with the private placement. The results also suggest that REIT managers issue in order to grow the asset size of the firm to the detriment of shareholder wealth. Copyright © 2004 Henry Stewart Publications
房地产投资信托基金债务私募的股东财富效应
本研究考察了房地产投资信托基金(REITs)私人配售债务的短期和长期股东财富效应。作者发现，市场对配股没有明显的反应。发现1年和3年调整后的异常收益为负且显著。这表明REITs不会从与私募相关的额外监管中受益。结果还表明，房地产投资信托基金经理发行是为了增加公司的资产规模，而不利于股东财富。版权所有©2004 Henry Stewart Publications
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