An Analysis of Seasoned Equity Offerings by REITs and Long Run Underperformance
碩士 === 國立中興大學 === 財務金融系所 === 94 === This study examines the valuation effect around the announce dates of seasoned equity offerings by 271 REITs over the period 1994 to 2004. Our finding of a significantly negative reaction to announcement corroborates the evidence in Howe and Shilling’s (1988). We...
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| Format: | Others |
| Language: | zh-TW |
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2006
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| Online Access: | http://ndltd.ncl.edu.tw/handle/15278508077129746743 |
| Summary: | 碩士 === 國立中興大學 === 財務金融系所 === 94 === This study examines the valuation effect around the announce dates of seasoned equity offerings by 271 REITs over the period 1994 to 2004. Our finding of a significantly negative reaction to announcement corroborates the evidence in Howe and Shilling’s (1988). We test the differential impact of these hypotheses and examine how firm-specific factors (including size, amount, and underwriter ranking and institutional holding) influence an individual firm’s price change. The evidence is consistent with the implied-cash-flow change hypothesis and Myer and Majluf’s (1984) informational asymmetry hypothesis. The long-run performance of REITs following SEOs. Over 47% of sample examined underperform an index of REITs for the first year after the issue, and over 64% for three years.
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