The wealth effects of real estate transactions: The case of REITs |
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| Authors: | Willard Mcintosh Steven H Ott Youguo Liang |
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| Institution: | (1) MIG Realty Advisors, Inc., 33401 West Palm Beach, Florida;(2) Department of Finance, College of Business and Economics, University of Kentucky, 40506 Lexington, Kentucky;(3) Department of Finance, James J. Nance College of Business Administration, Cleveland State University, 44115 Cleveland, Ohio |
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| Abstract: | Recent literature analyzing corporate acquisitions and sales of real estate has shown that statistically significant gains accrue to both buyers and sellers when the transaction is announced. In this paper, we focus solely on the real property transactions of tax-qualified Real Estate Investment Trusts (REITs) to determine if REIT shareholders experience a similar pattern of positive wealth effects. We find that REITs do not experience any significant wealth effects from transaction announcements. However, we provide evidence that a significant positive wealth effect does occur upon the announcement of a sale transaction when the sale is associated with an increase in REIT dividends. |
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| Keywords: | REIT Real Property Transactions Dividends |
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