The Wealth Effects of Merger Activities: Further Evidence from Real Estate Investment Trusts

Willard McIntosh · Dennis T. Officer · Jeffrey A. Born

46 citations0/0 files storedJournal of Real Estate Research

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Corporate Finance and Governance Financial Markets and Investment Strategies Merger and Competition Analysis

Abstract

This paper examines the effect of merger announcements on target firm shareholder wealth. The sample is limited to Real Estate Investment Trust (REIT) targets. Previous corporate acquisition studies report strong pre-announcement and announcement day price appreciation for target firms. Significant positive abnormal returns are detected for the REIT targets at announcement but not during the pre-announcement period.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1985Using daily stock returns 1983The market for corporate control 1983Horizontal mergers, collusion, and stockholder wealth 1983Merger bids, uncertainty, and stockholder returns 1980Merger proposals, management discretion and stockholder wealth 1977Tender offers and stockholder returns 1981Financial Theory and Corporate Policy

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1995The wealth effects of real estate transactions: The case of REITs 2010Seasoned Equity Issuance by Japan and Singapore REITs 2010Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions 2005The Performance of Acquisitions in the Real Estate Investment Trust Industry 1994The value of control: Evidence from full and partial acquisitions in the real estate industry 2017Good Growth, Bad Growth: How Effective are REITs’ Corporate Watchdogs?

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