88 GLASCOCK AND GHOSH From 1990 to 1998, REITs issued 177 IPOs and 970 SEOs. Ghosh, Nag, and Sirmans analyze REIT quality signaling by studying IPO-SEO pairs. REITs, unlike traditional industrial ®rms, tend to ®nance more of their growth opportunities via new equity issues. Thus, REITs provide a unique sample to study paired IPO-SEO transactions. Prior work (Welch, 1989; Jegadeesh, Weintstein, and Welsh, 1993) indicated that underpriced IPOs signal better-quality ®rms and that the loss premium is made up with better pricing of SEOs after the market has recognized the ®rm's quality. Consistent with the signaling hypothesis, Ghosh, Nag, and Sirmans ®nd a negative relationship between IPO underpricing and the length of time from IPO to the ®rst SEO. Additionally, they ®nd that REITs that underprice are more likely to issue a SEO sooner and that underpricing is associated with the raising of larger joint IPO-SEO capital amounts. However, the IPO underpricing is not compensated for by increased valued seasoned offerings for REITs. Ambrose, Ehrlich, Hughes, and Wachter analyze potential forms of signals through organizational structure and their impact on value. They examine for consolidation bene®ts, brand imaging effects, and informational gains from geographical specialization. They ®nd no size
The Journal of Real Estate Finance and Economics – Springer Journals
Published: Oct 16, 2004
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