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Do REITs Manipulate Their Financial Results Around Seasoned Equity Offerings? Evidence from US Equity REITs

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  • Yuan Zhu
  • Seow Ong
  • Wee Yeo

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  • Yuan Zhu & Seow Ong & Wee Yeo, 2010. "Do REITs Manipulate Their Financial Results Around Seasoned Equity Offerings? Evidence from US Equity REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 40(4), pages 412-445, May.
    • Handle: RePEc:kap:jrefec:v:40:y:2010:i:4:p:412-445
    DOI: 10.1007/s11146-009-9227-6
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    References listed on IDEAS

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    1. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    2. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    3. Shivakumar, Lakshmanan, 2000. "Do firms mislead investors by overstating earnings before seasoned equity offerings?," Journal of Accounting and Economics, Elsevier, vol. 29(3), pages 339-371, June.
    4. Patricia M. Dechow & Richard G. Sloan & Amy P. Sweeney, 1996. "Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC," Contemporary Accounting Research, John Wiley & Sons, vol. 13(1), pages 1-36, March.
    5. Kim, Yongtae & Park, Myung Seok, 2005. "Pricing of Seasoned Equity Offers and Earnings Management," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 40(2), pages 435-463, June.
    6. Jones, Jj, 1991. "Earnings Management During Import Relief Investigations," Journal of Accounting Research, Wiley Blackwell, vol. 29(2), pages 193-228.
    7. Grace C.‐M. Hsu & Ping‐Sheng Koh, 2005. "Does the Presence of Institutional Investors Influence Accruals Management? Evidence from Australia," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(6), pages 809-823, November.
    8. Connie L. Becker & Mark L. Defond & James Jiambalvo & K.R. Subramanyam, 1998. "The Effect of Audit Quality on Earnings Management," Contemporary Accounting Research, John Wiley & Sons, vol. 15(1), pages 1-24, March.
    9. Chung, Richard & Firth, Michael & Kim, Jeong-Bon, 2002. "Institutional monitoring and opportunistic earnings management," Journal of Corporate Finance, Elsevier, vol. 8(1), pages 29-48, January.
    10. Teoh, Siew Hong & Welch, Ivo & Wong, T. J., 1998. "Earnings management and the underperformance of seasoned equity offerings," Journal of Financial Economics, Elsevier, vol. 50(1), pages 63-99, October.
    11. DeFond, Mark L. & Jiambalvo, James, 1994. "Debt covenant violation and manipulation of accruals," Journal of Accounting and Economics, Elsevier, vol. 17(1-2), pages 145-176, January.
    12. Rangan, Srinivasan, 1998. "Earnings management and the performance of seasoned equity offerings," Journal of Financial Economics, Elsevier, vol. 50(1), pages 101-122, October.
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    Cited by:

    1. Jamie Alcock & John Glascock & Eva Steiner, 2013. "Manipulation in U.S. REIT Investment Performance Evaluation: Empirical Evidence," The Journal of Real Estate Finance and Economics, Springer, vol. 47(3), pages 434-465, October.
    2. Masatomo Suzuki & Seow Eng Ong & Yasushi Asami & Chihiro Shimizu, 2023. "Long-Run Renewal of REIT Property Portfolio Through Strategic Divestment," The Journal of Real Estate Finance and Economics, Springer, vol. 66(1), pages 1-40, January.
    3. Liang, Jian & Dong, Zhi, 2019. "The impact of the stapled security structure on the quality of financial disclosure: Evidence from Australian Real Estate Investment Trusts and Listed Infrastructure Funds," Journal of Contemporary Accounting and Economics, Elsevier, vol. 15(2), pages 206-223.
    4. Siew Bee Thai & Ming Ming Lai, 2021. "An Examination of Prevalence of Earnings Management in Asia REITs," International Journal of Business and Management, Canadian Center of Science and Education, vol. 14(5), pages 1-75, July.
    5. Richard Chung & Scott Fung & Szu-Yin Hung, 2012. "Institutional Investors and Firm Efficiency of Real Estate Investment Trusts," The Journal of Real Estate Finance and Economics, Springer, vol. 45(1), pages 171-211, June.
    6. Daoju Peng & Jianfu Shen & Simon Yu Kit Fung & Eddie C. M. Hui & Kwokyuen Fan, 2024. "The Valuation Effect and Consequences of Clawback Adoption in Real Estate Investment Trusts," The Journal of Real Estate Finance and Economics, Springer, vol. 68(2), pages 274-317, February.
    7. Paul Anglin & Robert Edelstein & Yanmin Gao & Desmond Tsang, 2013. "What is the Relationship Between REIT Governance and Earnings Management?," The Journal of Real Estate Finance and Economics, Springer, vol. 47(3), pages 538-563, October.
    8. Xiaoying Deng & Seow Eng Ong, 2018. "Real Earnings Management, Liquidity Risk and REITs SEO Dynamics," The Journal of Real Estate Finance and Economics, Springer, vol. 56(3), pages 410-442, April.
    9. Massimo Guidolin & Manuela Pedio, 2019. "How Smart is the Real Estate Smart Beta? Evidence from Optimal Style Factor Strategies for REITs," BAFFI CAREFIN Working Papers 19117, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.

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