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The Impact of Corporate Real Estate Unit Formation on the Parent Firm's Value

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    Abstract

    This research investigates the valuation impact of the formation of a Corporate Real Estate Unit (CREU) on the stock price of the parent organization. Using standard event study methodology, the empirical tests show that the formation of a CREU, in general, is associated with positive gains to shareholders. The largest gains are associated with the publicly traded subsidiaries. The next largest gains are associated with the Master Limited Partnerships and the wholly owned subsidiaries.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol03n03/v03p073.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 3 (1988)
    Issue (Month): 3 ()
    Pages: 73-84

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    Handle: RePEc:jre:issued:v:3:n:3:1988:p:73-84

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

    Order Information:
    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
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    Cited by:
    1. Roger M. Shelor & Dwight C. Anderson & Mark L. Cross, 1990. "The Impact of the California Earthquake on Real Estate Firms' Stock Value," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 335-340.
    2. Donald G. Christensen & Donald R. Levi, 1993. "Why Do Real Estate Master Limited Partnerships Seem to be Undervalued?," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 1-12.
    3. Du, Julan & Leung, Charles Ka Yui & Chu, Derek, 2013. "Return enhancing, cash-rich or simply empire-building? An empirical investigation of corporate real estate holdings," MPRA Paper 44253, University Library of Munich, Germany.
    4. Wei Kium Teoh, 1993. "Corporate Real Estate Management: The New Zealand Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 607-624.
    5. Mike Miles & John Pringle & Brian Webb, 1989. "Modeling the Corporate Real Estate Decision," Journal of Real Estate Research, American Real Estate Society, vol. 4(3), pages 47-66.

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