Initial Public Offerings And Real Estate Investment Trusts
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| Author | : Sandra F. Holsonback |
| Publisher | : |
| Total Pages | : 262 |
| Release | : 2003 |
| Genre | : Going public (Securities) |
| ISBN | : |
Initial Public Offerings (IPOs) are financial vehicles whereby firms can raise capital through public markets. These vehicles increased in importance in the 1990's when financial institutions were reluctant to lend money, especially to young or unestablished firms. Private real estate companies, hampered by these tight credit markets, formed Real Estate Investment Trusts (REITs), a public entity. REIT IPOs trade on the same markets and are subject to the same SEC regulations as equity stocks, but the lack luster behavior of their initial stock offerings is opposite to large initial day returns exhibited by equity stocks. In proposing that underpricing is a strategy utilized by the firm and the underwriter, this study, comparing IPOs of four industries: retail, manufacturer of communication equipment, software development, and REITs, validates the theory of asymmetric information, whereby investors are compensated for risk through underpricing.
| Author | : Su Han Chan |
| Publisher | : Financial Management Association Survey and Synthesis |
| Total Pages | : 318 |
| Release | : 2003 |
| Genre | : Business & Economics |
| ISBN | : 0195155343 |
This work provides the investing public, real estate practitioners, regulators and real estate and finance academics with up-to-date information on what modern scholarly research tells us about Real Estate Investment Trusts (REITs). REITs are credited to allow institutional and individual investors to invest in real estate via a corporate entity. The increasing interest in REITs as indicated by their growth in market capitalization and institutional holdings in the United States and around the world suggests that REITs are becoming an increasingly important part of investors' diversified portfolio.
| Author | : Richard Garrigan |
| Publisher | : McGraw-Hill |
| Total Pages | : 608 |
| Release | : 1997-09-01 |
| Genre | : Business & Economics |
| ISBN | : 9780786300020 |
Real estate investment trusts (REITs) make commercial real estate profits available to everyone! REITs are one of the hottest and most potentially lucrative investment vehicles in the market today. Find out how you can take advantage of these increasingly popular securities in the powerful new book Real Estate Investment Trusts. Professionals Richard T. Garrigan and John F.C. Parsons have gathered over 20 of todayÕs most influential opinion leaders to explain how investors both large and small are beating the S&P 500 with REITs, how these REITs combine superior income and growth with relative safety, behind-the-scenes information on how to assemble and launch a successful REIT, and statistical support for market confidence in the long-term appreciation potential of REITs. Whether you are a real estate investment professional seeking comprehensive information on todayÕs REIT operational requirements; an investment professional needing to better understand REITs; or an individual investor interested in diversifying your own portfolio into real estate, Real Estate Investment Trusts will open your eyes to the incredible opportunities available in todayÕs REIT market. Order this well-researched, interesting and informative book today.
| Author | : Paul J. Derenthal |
| Publisher | : |
| Total Pages | : 87 |
| Release | : 1985 |
| Genre | : Real estate investment trusts |
| ISBN | : |
| Author | : National Association of Real Estate Investment Trusts |
| Publisher | : |
| Total Pages | : |
| Release | : 1998 |
| Genre | : Going public (Securities) |
| ISBN | : |
| Author | : Colin Balogh |
| Publisher | : |
| Total Pages | : 352 |
| Release | : 1991 |
| Genre | : Real estate investment trusts |
| ISBN | : |
| Author | : Jay C. Hartzell |
| Publisher | : |
| Total Pages | : 41 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
This study analyzes the impact of corporate governance structures at the initial public offering date. We test hypotheses that firms with more shareholder-oriented governance structures receive higher valuations at the IPO stage, attract more institutional ownership, and have better long-term performance. Our IPO sample is restricted to a set of 107 real estate investment trusts (REITs) over the 1991 to 1998 time period. Using a single industry and REITs in particular reduces potentially confounding effects due to differences in risk, transparency, and growth potential. We believe this - combined with our use of IPOs - mitigates the endogeneity problem present in studies of the impact of governance on seasoned firms' valuation. Our analysis indicates that firms with stronger governance structures not only have higher initial IPO valuations, but also have better long-term operating performance than their peers.
| Author | : |
| Publisher | : |
| Total Pages | : 538 |
| Release | : 1998 |
| Genre | : Real estate business |
| ISBN | : |
| Author | : National Association of Real Estate Investment Trusts |
| Publisher | : |
| Total Pages | : 184 |
| Release | : 1982 |
| Genre | : Real estate investment trusts |
| ISBN | : |
| Author | : Richard J. Buttimer |
| Publisher | : |
| Total Pages | : 35 |
| Release | : 2001 |
| Genre | : Real estate investment trusts |
| ISBN | : |
