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REIT mergers and acquisitions : a meta-analysis

Ratcliffe, Christopher and Dimovski, William 2012, REIT mergers and acquisitions : a meta-analysis, Journal of property investment and finance, vol. 30, no. 3, pp. 241-256, doi: 10.1108/14635781211223815.

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Title REIT mergers and acquisitions : a meta-analysis
Author(s) Ratcliffe, ChristopherORCID iD for Ratcliffe, Christopher orcid.org/0000-0003-3687-7720
Dimovski, William
Journal name Journal of property investment and finance
Volume number 30
Issue number 3
Start page 241
End page 256
Total pages 16
Publisher Emerald Group Publishing
Place of publication Bingley, England
Publication date 2012
ISSN 1463-578X
1470-2002
Keyword(s) abnormal returns
acquisitions and mergers
cumulative abnormal returns
meta-analysis
real estate
real estate investment trusts
trusts
Summary Purpose – Mergers and acquisitions in the real estate investment trust (REIT) sector have been studied in distinct periods and locations, often leading to findings which are relevant only for the period and/or location investigated. The purpose of this paper is to examine the merger and acquisition studies in aggregate using meta-analysis so that broader findings of factors influencing the returns by targets and bidders are divulged.

Design/methodology/approach –
Using a methodology similar to Veld and Veld-Merkoulova a sample of 15 REIT studies with 35 observations for bidders and 25 observations for targets is analysed. A variety of potential factors influencing the returns for bidders and targets are explored.

Findings –
Consistent with prior non-REIT research, the evidence shows targets enjoy positive and significant gains in a merger. There is also evidence that acquirers earn significant wealth when all previous studies are examined in aggregate. Meta-analysis results show targets experience higher wealth gains by accepting cash financed deals, but share total gains when both parties are REITs. Additionally, acquirers enjoy improved abnormal returns when the target is privately listed and the use of scrip and/or a combination of scrip and cash produces higher wealth gains for bidding REITs.

Originality/value – This paper aggregates the merger and acquisition literature of REITs to understand better factors influencing returns made by bidders and targets.
Notes Reproduced with the kind permission of the copyright owner.
Language eng
DOI 10.1108/14635781211223815
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
Persistent URL http://hdl.handle.net/10536/DRO/DU:30044998

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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.