The level of representative underwriting and the underwriting costs of REIT SEOs Bairaji, Ranajit Kumar and Dimovski, Bill 2012, The level of representative underwriting and the underwriting costs of REIT SEOs, Journal of property investment & finance, vol. 30, no. 1, pp. 18-41. Attached Files Name Description MIMEType Size Downloads dimovski-thelevel-post-2012.pdf Author post print application/pdf 1.83MB 440 Title The level of representative underwriting and the underwriting costs of REIT SEOs Author(s) Bairaji, Ranajit Kumar Dimovski, Bill orcid.org/0000-0002-0038-8848 Journal name Journal of property investment & finance Volume number 30 Issue number 1 Start page 18 End page 41 Total pages 24 Publisher Emerald Group Publishing Ltd. Place of publication Bingley, England Publication date 2012 ISSN 1463-578X 1470-2002 Keyword(s) United States of America Equity capital Underwriting Costs Real estate Investments Seasoned equity offerings Underwriting syndicate Level of underwriting Underwriting discount Summary Purpose – The purpose of this paper is to investigate factors influencing the underwriting discount for US Real Estate Investment Trust (REIT) Seasoned Equity Offerings (SEOs). Design/methodology/approach – The study provides new evidence on determinants of underwriting discounts with a comprehensive dataset of 783 US REIT SEOs from 1996 until June 2010. Ordinary least squares regressions are performed to estimate the effect of the level of representative underwriting along with other potential factors on underwriting discounts. Findings – The study complements the well-documented notion of the economies of scale in SEO underwriting discounts. The equally (value) weighted underwriting discounts averaged 4.21 per cent (4.10 per cent) with a declining trend over time. The findings of this study show the statistically and economically significant negative effect of the level of representative underwriting on the underwriting discounts, as well as the significance of the structure of underwriting syndicate in determining the underwriting discounts. The findings suggest that issuers can minimize the costs of raising secondary equity capital by optimally allocating the underwriting business among the underwriters. Originality/value – This paper adds to the international REIT SEO literature by exploring new evidence behind underwriting discounts. The study includes data before and after the REIT Modernization Act 1999 and during the recent global financial crisis period. Notes Reproduced with the kind permission of the copyright owner. Language eng Field of Research 150299 Banking, Finance and Investment not elsewhere classified Socio Economic Objective 900199 Financial Services not elsewhere classified HERDC Research category C1 Refereed article in a scholarly journal Copyright notice ©2012, Emerald Group Publishing Limited Free to Read? Yes Persistent URL http://hdl.handle.net/10536/DRO/DU:30043093 Document type: Journal Article Collections: Faculty of Business and Law School of Accounting, Economics and Finance Open Access Collection   Unless expressly stated otherwise, the copyright for items in DRO is owned by the author, with all rights reserved. Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au. Versions Version Filter Type Mon, 12 Mar 2012, 13:53:41 EST Tue, 13 Mar 2012, 11:59:42 EST Tue, 13 Mar 2012, 12:03:53 EST Wed, 21 Mar 2012, 11:37:42 EST Wed, 21 Mar 2012, 11:40:31 EST Thu, 05 Jul 2012, 10:04:48 EST Thu, 05 Jul 2012, 10:09:27 EST Thu, 05 Jul 2012, 10:12:58 EST Thu, 05 Jul 2012, 10:13:54 EST Fri, 13 Jun 2014, 13:13:30 EST Mon, 19 Jan 2015, 11:39:16 EST Fri, 06 Feb 2015, 10:54:12 EST Tue, 05 Dec 2017, 12:29:51 EST Fri, 07 Sep 2018, 15:48:19 EST Sat, 29 Aug 2020, 02:36:17 EST Filtered Full Citation counts:   Cited 2 times in TR Web of Science Cited 2 times in Scopus Search Google Scholar Access Statistics: 514 Abstract Views, 443 File Downloads  -  Detailed Statistics Created: Mon, 12 Mar 2012, 13:53:30 EST by Katrina Fleming

Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.