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The performance of REIT acquirers in the post-merger period

Ratcliffe, Christopher, Dimovski, William and Keneley, Monica 2017, The performance of REIT acquirers in the post-merger period, Journal of real estate portfolio management, pp. 1-27.

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Title The performance of REIT acquirers in the post-merger period
Author(s) Ratcliffe, ChristopherORCID iD for Ratcliffe, Christopher
Dimovski, WilliamORCID iD for Dimovski, William
Keneley, MonicaORCID iD for Keneley, Monica
Journal name Journal of real estate portfolio management
Start page 1
End page 27
Total pages 27
Publisher American Real Estate Society
Place of publication Clemson, S.C.
Publication date 2017-03
ISSN 1083-5547
Keyword(s) REITs
equity REITs
mergers and acquisitions
post-merger abnormal returns
Summary Mergers and acquisitions are a feature of modern economies. However, research on conventional bidding firms in mergers and acquisitions (M&As) has shown, on average, shareholders are worse off in the long-run (Alexandridis, Mavrovitis and Travlos, 2012). This study examines the long-term post merger performance of US Equity Real Estate Investment Trusts (REITs) to see if this under-performance extends to the largest REIT sector in the world. In contrast to the earlier REIT data samples used by Campbell, Giambona and Sirmans (2009), we find, prior to the macroeconomic event of the financial crisis, that existing shareholders of bidding firms earn significant and positive abnormal returns. This outcome supports the synergy motive for M&As in the REIT sector. Results from announcements occurring after the onset of the financial crisis show signs of negative and significant abnormal returns, suggesting these M&As were driven by the agency and/or hubris motive.
Notes In Press
Language eng
Field of Research 1504 Commercial Services
1502 Banking, Finance And Investment
1205 Urban And Regional Planning
Socio Economic Objective 0 Not Applicable
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2017, American Real Estate Society
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Document type: Journal Article
Collection: Department of Finance
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