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Domestic and International Equity REIT Joint Ventures: Structuring Corporate Options

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Author Info
Robert Campbell ()
Nancy White-Huckins ()
C. Sirmans ()
Abstract

We examine a sample of 185 Joint Ventures parented by publicly-traded Equity Real Estate Investment Trusts 1994–2001. These transactions are found to be motivated by a wide variety of corporate strategies. Shareholder returns for REIT parents are significantly positive, which is consistent with wealth effects previously reported for joint ventures formed by non-REIT real estate firms. In a subsample of joint ventures formed to structure partial dispositions of property, however, abnormal returns are significantly negative, which is consistent with the free cash flow theory of Jensen. REIT joint venture experience in Asia has been neutral for value, but may improve in the future if early ventures have created options for more efficient partnerships later. Copyright Springer Science + Business Media, Inc. 2006

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File URL: http://hdl.handle.net/10.1007/s11146-006-6802-y
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Publisher Info
Article provided by Springer in its journal The Journal of Real Estate Finance and Economics.

Volume (Year): 32 (2006)
Issue (Month): 3 (May)
Pages: 275-288
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:kap:jrefec:v:32:y:2006:i:3:p:275-288

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Web page: http://www.springerlink.com/link.asp?id=102945

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Related research
Keywords: Real Estate; Joint Ventures; Internationa investment; REITS; Real options; Property diversification;

References listed on IDEAS
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  1. Austin J. Jaffe & C. F. Sirmans, 1984. "The Theory and Evidence on Real Estate Financial Decisions: A Review of the Issues," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 378-400. [Downloadable!] (restricted)
  2. Robert Campbell & Chinmoy Ghosh & C. Sirmans, 2005. "Value Creation and Governance Structure in Reit Mergers," The Journal of Real Estate Finance and Economics, Springer, vol. 31(2), pages 225-239, September. [Downloadable!] (restricted)
  3. Damodaran, Aswath & John, Kose & Liu, Crocker H., 1997. "The determinants of organizational form changes: evidence and implications from real estate," Journal of Financial Economics, Elsevier, vol. 45(2), pages 169-192, August. [Downloadable!] (restricted)
  4. Lee, Insup & Wyatt, Steve B, 1990. "The Effects of International Joint Ventures on Shareholder Wealth," The Financial Review, Eastern Finance Association, vol. 25(4), pages 641-49, November.
  5. Desai, Mihir A. & Foley, C. Fritz & Hines, James Jr., 2004. "The costs of shared ownership: Evidence from international joint ventures," Journal of Financial Economics, Elsevier, vol. 73(2), pages 323-374, August. [Downloadable!] (restricted)
  6. Mikkelson, Wayne H. & Partch, M. Megan, 1986. "Valuation effects of security offerings and the issuance process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 31-60. [Downloadable!] (restricted)
  7. McConnell, John J & Nantell, Timothy J, 1985. " Corporate Combinations and Common Stock Returns: The Case of Joint Ventures," Journal of Finance, American Finance Association, vol. 40(2), pages 519-36, June. [Downloadable!] (restricted)
  8. R. Ravichandran & J. Sa-Aadu, 1988. "Resource Combination and Security Price Reactions: The Case of Real Estate Joint Ventures," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(2), pages 105-122. [Downloadable!] (restricted)
  9. Ling T. He & F.C. Neil Myer & James R. Webb, 1997. "The Wealth Effects of Domestic vs International Joint Ventures: The Case of Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 13(3), pages 349-358. [Downloadable!]
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