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The Financial Performance of REITs Following Initial Public Offerings
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The Financial Performance of REITs Following Initial Public Offerings (1998)The Financial Performance of REITs Follow…Systematic Risk and Diversification in the Equity REIT Market (1996)Systematic Risk and Diversifi…The New Issues Puzzle (1995)The New Issues PuzzleThe Post-Issue Operating Performance of IPO Firms (1994)The Post-Issue Operating Perf…The Reverse LBO Decision and Firm Performance: Theory and Evidence (1993)The Reverse LBO Decision and …Dividend Policies and Dividend Announcement Effects for Real Estate Investment Trusts (1993)Dividend Policies and Dividen…The Long‐Run Performance of initial Public Offerings (1991)The Long‐Run Performance of i…An Examination of the Small-Firm Effect within the REIT Industry (1991)An Examination of the Small-F…Real Estate Risk and the Business Cycle: Evidence from Security Markets (1990)Real Estate Risk and the Busi…Corporate ownership structure and performance (1990)Corporate ownership structure…Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings (1989)Seasoned Offerings, Imitation…Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior (1989)Efficient Capital Markets, In…Capital Structure Theory and REIT Security Offerings (1988)Capital Structure Theory and …Portfolio Diversification and Return Benefits— Common Stock vs. Real Estate Investment Trusts (REITs) (1987)Portfolio Diversification and…Signaling and the Valuation of Unseasoned New Issues: A Comment (1984)Signaling and the Valuation o…Historic Returns and Institutional Real Estate Portfolios (1982)Historic Returns and Institut…Managerial Pay and Corporate Performance (1970)Managerial Pay and Corporate …Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Outside directors and CEO turnover (1988)Stock prices and top management changes (1988)Postbankruptcy Performance and Management Turnover (1995)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1999)CEO Characteristics and Firm R&D Spending (2002)The Modern Corporation and Private Property (1933)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)A Life Cycle Theory of the Firm (1972)Corporate Ownership and Control: The Large Corporation and the Capitalist Class (1974)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Matching compensation and organizational strategies (1990)INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION (1977)Valuation effects of security offerings and the issuance process (1986)Signalling by underpricing in the IPO market (1989)Initial Public Offerings and Underwriter Reputation (1990)Grandstanding in the venture capital industry (1996)Job Market Signaling (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)Dividend Policy under Asymmetric Information (1985)A Survey of Corporate Governance (1997)Corporate Governance and Equity Prices (2003)The economic implications of corporate financial reporting (2005)Informational Asymmetries, Financial Structure, and Financial Intermediation (1977)Signaling and the Valuation of Unseasoned New Issues (1982)The voluntary inclusion of earnings forecasts in IPO prospectuses* (1992)Pricing of Seasoned Equity Offers and Earnings Management (2005)Moving from Private to Public Ownership: Selling Out to Public Firms versus Initial Public Offerings (2008)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Prospect Theory: An Analysis of Decision under Risk (1979)Prospect theory: An analysis of decision under risk (1988)Venture capitalist participation and the post‐issue operating performance of IPO firms (1995)The financial performance of reverse leveraged buyouts (1996)The Impact of Industry Classifications on Financial Research (1996)Insider Trading as a Signal of Private Information (1993)Agency costs of free cash flow, corporate finance, and takeovers (1996)Capital structure and profitability of the property and construction sectors in Hong Kong (2002)An Analysis of REIT Security Issuance Decisions (2009)RISK, UNCERTAINTY, AND DIVERGENCE OF OPINION (1977)Does the Stock Market Overreact? (1985)INITIAL PUBLIC OFFERINGS (1988)Event Studies in Economics and Finance (1997)Investor Psychology and Security Market Under‐ and Overreactions (1998)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Risk, Return, and Equilibrium: Empirical Tests (1973)The relationship between return and market value of common stocks (1981)The Cross-Section of Expected Stock Returns (1992)A five-factor asset pricing model (2014)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Detecting abnormal operating performance: The empirical power and specification of test statistics (1996)
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References

  • 1995The New Issues Puzzle3,550 cited
  • 1991The Long‐Run Performance of initial Public Offerings3,500 cited
  • 1989Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior2,585 cited
  • 1989Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings1,393 cited
  • 1994The Post-Issue Operating Performance of IPO Firms1,036 cited
  • 1990Corporate ownership structure and performance582 cited
  • 1970Managerial Pay and Corporate Performance314 cited
  • 1993The Reverse LBO Decision and Firm Performance: Theory and Evidence264 cited
  • 1984Signaling and the Valuation of Unseasoned New Issues: A Comment211 cited
  • 1988Capital Structure Theory and REIT Security Offerings185 cited
  • 1996Systematic Risk and Diversification in the Equity REIT Market150 cited
  • 1993Dividend Policies and Dividend Announcement Effects for Real Estate Investment Trusts132 cited
  • 1982Historic Returns and Institutional Real Estate Portfolios126 cited
  • 1991An Examination of the Small-Firm Effect within the REIT Industry106 cited
  • 1990Real Estate Risk and the Business Cycle: Evidence from Security Markets90 cited

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  • 1987Portfolio Diversification and Return Benefits— Common Stock vs. Real Estate Investment Trusts (REITs)90 cited
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