Introduction to the Special Issue The Maturation of a Developing Industry: REITs in the 1990s

Introduction to the Special Issue The Maturation of a Developing Industry: REITs in the 1990s 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 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Introduction to the Special Issue The Maturation of a Developing Industry: REITs in the 1990s

Loading next page...
 
/lp/springer_journal/introduction-to-the-special-issue-the-maturation-of-a-developing-ogV0LqmRsF
Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2000 by Kluwer Academic Publishers
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1023/A:1007839702819
Publisher site
See Article on Publisher Site

References

You’re reading a free preview. Subscribe to read the entire article.


DeepDyve is your
personal research library

It’s your single place to instantly
discover and read the research
that matters to you.

Enjoy affordable access to
over 12 million articles from more than
10,000 peer-reviewed journals.

All for just $49/month

Explore the DeepDyve Library

Unlimited reading

Read as many articles as you need. Full articles with original layout, charts and figures. Read online, from anywhere.

Stay up to date

Keep up with your field with Personalized Recommendations and Follow Journals to get automatic updates.

Organize your research

It’s easy to organize your research with our built-in tools.

Your journals are on DeepDyve

Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.

All the latest content is available, no embargo periods.

See the journals in your area

Monthly Plan

  • Read unlimited articles
  • Personalized recommendations
  • No expiration
  • Print 20 pages per month
  • 20% off on PDF purchases
  • Organize your research
  • Get updates on your journals and topic searches

$49/month

Start Free Trial

14-day Free Trial

Best Deal — 39% off

Annual Plan

  • All the features of the Professional Plan, but for 39% off!
  • Billed annually
  • No expiration
  • For the normal price of 10 articles elsewhere, you get one full year of unlimited access to articles.

$588

$360/year

billed annually
Start Free Trial

14-day Free Trial