Long Run Underperformance in REITs Following Seasoned Equity Offerings.
This study examines the long-run performance of real estate investment trusts (REITs) following seasoned equity offerings (SEOs). Over 61% of the 178 REITs examined underperform an index of REITs for the first year after the issue, and over 72% of the firms underperform the index for three years fol...
| Main Authors: | , , |
|---|---|
| Format: | |
| Language: | English |
| Published: |
2000
|
| Online Access: | http://ezproxy.villanova.edu/login?url=https://digital.library.villanova.edu/Item/vudl:177132 |
| id |
vudl:177132 |
|---|---|
| record_format |
vudl |
| institution |
Villanova University |
| collection |
Digital Library |
| modeltype_str_mv |
vudl-system:CollectionModel vudl-system:ResourceCollection vudl-system:CoreModel |
| datastream_str_mv |
PARENT-QUERY MEMBER-QUERY THUMBNAIL PARENT-LIST LEGACY-METS AUDIT STRUCTMAP RELS-EXT PROCESS-MD AGENTS LICENSE PARENT-LIST-RAW DC MEMBER-LIST-RAW |
| hierarchytype |
|
| hierarchy_all_parents_str_mv |
vudl:177107 vudl:172968 vudl:641262 vudl:3 vudl:1 |
| sequence_vudl_177107_str |
0000000009 |
| hierarchy_top_id |
vudl:641262 |
| hierarchy_top_title |
Villanova Faculty Publications |
| fedora_parent_id_str_mv |
vudl:177107 |
| hierarchy_first_parent_id_str |
vudl:177132 |
| hierarchy_parent_id |
vudl:177107 |
| hierarchy_parent_title |
Howton Shelly |
| hierarchy_sequence_sort_str |
0000000009 |
| hierarchy_sequence |
0000000009 |
| spelling |
Long Run Underperformance in REITs Following Seasoned Equity Offerings. Howton, Shawn D. Howton, Shelly W. Friday, H. Swint. This study examines the long-run performance of real estate investment trusts (REITs) following seasoned equity offerings (SEOs). Over 61% of the 178 REITs examined underperform an index of REITs for the first year after the issue, and over 72% of the firms underperform the index for three years following the issue. The sample is partitioned according to book-tomarket value of equity ratio, market value of equity and REIT type. The results reveal that all REIT subsamples except the highest book-to-market quintile and the lowest size quintile exhibit the same patterns of underperformance observed in the full sample. In addition, equity REITs underperform the index for both one and three years while non-equity REITs underperform for three years but exhibit no underperformance for one year following the SEO. 2000 Villanova Faculty Authorship vudl:177132 Journal of Real Estate Portfolio Management 6(4), 2000, 354-363. en |
| dc.title_txt_mv |
Long Run Underperformance in REITs Following Seasoned Equity Offerings. |
| dc.creator_txt_mv |
Howton, Shawn D. Howton, Shelly W. Friday, H. Swint. |
| dc.description_txt_mv |
This study examines the long-run
performance of real estate investment trusts (REITs) following
seasoned equity offerings (SEOs). Over 61% of the
178 REITs examined underperform an index of REITs
for the first year after the issue, and over 72% of the firms
underperform the index for three years following the issue.
The sample is partitioned according to book-tomarket
value of equity ratio, market value of equity and
REIT type. The results reveal that all REIT subsamples
except the highest book-to-market quintile and the lowest
size quintile exhibit the same patterns of underperformance
observed in the full sample. In addition, equity
REITs underperform the index for both one and three
years while non-equity REITs underperform for three
years but exhibit no underperformance for one year following
the SEO. |
| dc.date_txt_mv |
2000 |
| dc.format_txt_mv |
Villanova Faculty Authorship |
| dc.identifier_txt_mv |
vudl:177132 |
| dc.source_txt_mv |
Journal of Real Estate Portfolio Management 6(4), 2000, 354-363. |
| dc.language_txt_mv |
en |
| author |
Howton, Shawn D. Howton, Shelly W. Friday, H. Swint. |
| spellingShingle |
Howton, Shawn D. Howton, Shelly W. Friday, H. Swint. Long Run Underperformance in REITs Following Seasoned Equity Offerings. |
| author_facet |
Howton, Shawn D. Howton, Shelly W. Friday, H. Swint. |
| dc_source_str_mv |
Journal of Real Estate Portfolio Management 6(4), 2000, 354-363. |
| format |
Villanova Faculty Authorship |
| author_sort |
Howton, Shawn D. |
| dc_date_str |
2000 |
| dc_title_str |
Long Run Underperformance in REITs Following Seasoned Equity Offerings. |
| description |
This study examines the long-run
performance of real estate investment trusts (REITs) following
seasoned equity offerings (SEOs). Over 61% of the
178 REITs examined underperform an index of REITs
for the first year after the issue, and over 72% of the firms
underperform the index for three years following the issue.
The sample is partitioned according to book-tomarket
value of equity ratio, market value of equity and
REIT type. The results reveal that all REIT subsamples
except the highest book-to-market quintile and the lowest
size quintile exhibit the same patterns of underperformance
observed in the full sample. In addition, equity
REITs underperform the index for both one and three
years while non-equity REITs underperform for three
years but exhibit no underperformance for one year following
the SEO. |
| title |
Long Run Underperformance in REITs Following Seasoned Equity Offerings. |
| title_full |
Long Run Underperformance in REITs Following Seasoned Equity Offerings. |
| title_fullStr |
Long Run Underperformance in REITs Following Seasoned Equity Offerings. |
| title_full_unstemmed |
Long Run Underperformance in REITs Following Seasoned Equity Offerings. |
| title_short |
Long Run Underperformance in REITs Following Seasoned Equity Offerings. |
| title_sort |
long run underperformance in reits following seasoned equity offerings. |
| publishDate |
2000 |
| normalized_sort_date |
2000-01-01T00:00:00Z |
| language |
English |
| collection_title_sort_str |
long run underperformance in reits following seasoned equity offerings. |
| fgs.type_txt_mv |
http://www.w3.org/ns/ldp#BasicContainer http://www.w3.org/ns/ldp#Resource http://fedora.info/definitions/v4/repository#Resource http://www.w3.org/ns/ldp#RDFSource http://fedora.info/definitions/v4/repository#Container http://www.w3.org/ns/ldp#Container |
| relsext.sortOn_txt_mv |
title |
| fgs.createdDate_txt_mv |
2013-01-22T06:13:32.997Z |
| relsext.hasLegacyURL_txt_mv |
http://digital.library.villanova.edu/Villanova%20Digital%20Collection/Faculty%20Fulltext/Howton%20Shelly/HowtonShelly-690124ae-51ac-426f-8cfd-c4c2dbe1e5a7.xml |
| fgs.ownerId_txt_mv |
diglibEditor |
| relsext.hasModel_txt_mv |
http://hades.library.villanova.edu:8080/rest/vudl-system:CollectionModel http://hades.library.villanova.edu:8080/rest/vudl-system:ResourceCollection http://hades.library.villanova.edu:8080/rest/vudl-system:CoreModel |
| fgs.label_txt_mv |
Long Run Underperformance in REITs Following Seasoned Equity Offerings. |
| fgs.lastModifiedDate_txt_mv |
2021-04-12T19:13:09.147Z |
| fgs.lastModifiedBy_txt_mv |
fedoraAdmin |
| relsext.sequence_txt_mv |
vudl:177107#9 |
| fgs.createdBy_txt_mv |
fedoraAdmin |
| fgs.state_txt_mv |
Active |
| relsext.itemID_txt_mv |
oai:digital.library.villanova.edu:vudl:177132 |
| relsext.isMemberOf_txt_mv |
http://hades.library.villanova.edu:8080/rest/vudl:177107 |
| has_order_str |
no |
| agent.name_txt_mv |
Falvey Memorial Library, Villanova University KHL |
| license.mdRef_str |
http://digital.library.villanova.edu/copyright.html |
| license_str |
protected |
| has_thumbnail_str |
true |
| THUMBNAIL_contentDigest_digest_str |
203c69e18f4f46c81e9892448d2c07cd |
| first_indexed |
2014-01-11T23:45:49Z |
| last_indexed |
2021-04-12T19:49:10Z |
| _version_ |
1755655484254191616 |
| subpages |