Shareholder Wealth Effects of Private Placements of Debt Made By REITs.

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.

Main Author: Higgins, Eric.
Other Authors: Howton, Shawn., Howton, Shelly.
Format: Villanova Faculty Authorship
Language: English
Published: 2006
Online Access: http://ezproxy.villanova.edu/login?url=https://digital.library.villanova.edu/Item/vudl:177135
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dc_source_str_mv Briefings in Real Estate Finance 3(4), July 2006, 305- 314.
author Higgins, Eric.
author_facet_str_mv Higgins, Eric.
Howton, Shawn.
Howton, Shelly.
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Howton, Shawn.
Howton, Shelly.
author_s Higgins, Eric.
spellingShingle Higgins, Eric.
Shareholder Wealth Effects of Private Placements of Debt Made By REITs.
author-letter Higgins, Eric.
author_sort_str Higgins, Eric.
author2 Howton, Shawn.
Howton, Shelly.
author2Str Howton, Shawn.
Howton, Shelly.
dc_title_str Shareholder Wealth Effects of Private Placements of Debt Made By REITs.
title Shareholder Wealth Effects of Private Placements of Debt Made By REITs.
title_short Shareholder Wealth Effects of Private Placements of Debt Made By REITs.
title_full Shareholder Wealth Effects of Private Placements of Debt Made By REITs.
title_fullStr Shareholder Wealth Effects of Private Placements of Debt Made By REITs.
title_full_unstemmed Shareholder Wealth Effects of Private Placements of Debt Made By REITs.
collection_title_sort_str shareholder wealth effects of private placements of debt made by reits.
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dc.title Shareholder Wealth Effects of Private Placements of Debt Made By REITs.
dc.creator Higgins, Eric.
Howton, Shawn.
Howton, Shelly.
dc.description 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.
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