The Wealth Effects of REIT Straight Debt Offerings.

The market’s reaction to seventy four real estate investment trust (REIT) straight debt issues between 1991 and 1997 is examined. No significant market reaction to straight debt issues on the announcement day is found. The findings also show that in univariate tests of announcement day returns, the market reaction to a straight debt issue is inversely related to the issuer’s level of existing cash and inversely related to investment opportunities as measured by Tobin’s q. These results differ from previous findings for industrial firms in Howton, Howton and Perfect (1998). The differences between REITs and industrials may be due to the regulatory structure of REITs.

Main Author: Howton, Shawn D.
Other Authors: Howton, Shelly W.
Language: English
Published: 2001
Online Access: http://ezproxy.villanova.edu/login?url=https://digital.library.villanova.edu/Item/vudl:177104
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dc_source_str_mv Journal of Real Estate Portfolio Management 7(2), 2001, 150-157.
author Howton, Shawn D.
author_facet_str_mv Howton, Shawn D.
Howton, Shelly W.
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Howton, Shelly W.
author_s Howton, Shawn D.
spellingShingle Howton, Shawn D.
The Wealth Effects of REIT Straight Debt Offerings.
author-letter Howton, Shawn D.
author_sort_str Howton, Shawn D.
author2 Howton, Shelly W.
author2Str Howton, Shelly W.
dc_title_str The Wealth Effects of REIT Straight Debt Offerings.
title The Wealth Effects of REIT Straight Debt Offerings.
title_short The Wealth Effects of REIT Straight Debt Offerings.
title_full The Wealth Effects of REIT Straight Debt Offerings.
title_fullStr The Wealth Effects of REIT Straight Debt Offerings.
title_full_unstemmed The Wealth Effects of REIT Straight Debt Offerings.
collection_title_sort_str wealth effects of reit straight debt offerings.
title_sort wealth effects of reit straight debt offerings.
description The market’s reaction to seventy four real estate investment trust (REIT) straight debt issues between 1991 and 1997 is examined. No significant market reaction to straight debt issues on the announcement day is found. The findings also show that in univariate tests of announcement day returns, the market reaction to a straight debt issue is inversely related to the issuer’s level of existing cash and inversely related to investment opportunities as measured by Tobin’s q. These results differ from previous findings for industrial firms in Howton, Howton and Perfect (1998). The differences between REITs and industrials may be due to the regulatory structure of REITs.
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dc.title The Wealth Effects of REIT Straight Debt Offerings.
dc.creator Howton, Shawn D.
Howton, Shelly W.
dc.description The market’s reaction to seventy four real estate investment trust (REIT) straight debt issues between 1991 and 1997 is examined. No significant market reaction to straight debt issues on the announcement day is found. The findings also show that in univariate tests of announcement day returns, the market reaction to a straight debt issue is inversely related to the issuer’s level of existing cash and inversely related to investment opportunities as measured by Tobin’s q. These results differ from previous findings for industrial firms in Howton, Howton and Perfect (1998). The differences between REITs and industrials may be due to the regulatory structure of REITs.
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