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Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions

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  • David Ling

    ()

  • Milena Petrova

    ()

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Bibliographic Info

Article provided by Springer in its journal The Journal of Real Estate Finance and Economics.

Volume (Year): 43 (2011)
Issue (Month): 1 (July)
Pages: 99-129

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Handle: RePEc:kap:jrefec:v:43:y:2011:i:1:p:99-129

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

Related research

Keywords: Mergers; Privatization; Corporate control; Real estate investment trusts;

References

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  1. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
  2. Shumway, Tyler, 2001. "Forecasting Bankruptcy More Accurately: A Simple Hazard Model," The Journal of Business, University of Chicago Press, vol. 74(1), pages 101-24, January.
  3. Robert Campbell & Chinmoy Ghosh & C. Sirmans, 2005. "Value Creation and Governance Structure in Reit Mergers," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 31(2), pages 225-239, September.
  4. Paul A. Gompers & Andrew Metrick, 1998. "How Are Large Institutions Different from Other Investors? Why Do These Differences Matter?," Harvard Institute of Economic Research Working Papers 1830, Harvard - Institute of Economic Research.
  5. Shleifer, Andrei & Vishny, Robert W., 1986. "Large Shareholders and Corporate Control," Scholarly Articles 3606237, Harvard University Department of Economics.
  6. Mark L. Mitchell & Erik Stafford, 1997. "Managerial Decisions and Long-Term Stock Price Performance," CRSP working papers 453, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  7. Willard McIntosh & Dennis T. Officer & Jeffrey A. Born, 1989. "The Wealth Effects of Merger Activities: Further Evidence from Real Estate Investment Trusts," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 4(3), pages 141-156.
  8. Ronald W. Masulis & Cong Wang & Fei Xie, 2007. "Corporate Governance and Acquirer Returns," Journal of Finance, American Finance Association, American Finance Association, vol. 62(4), pages 1851-1889, 08.
  9. Clark, Kent & Ofek, Eli, 1994. "Mergers as a Means of Restructuring Distressed Firms: An Empirical Investigation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 29(04), pages 541-565, December.
  10. Halpern, Paul & Kieschnick, Robert & Rotenberg, Wendy, 1999. "On the Heterogeneity of Leveraged Going Private Transactions," Review of Financial Studies, Society for Financial Studies, vol. 12(2), pages 281-309.
  11. North, David S., 2001. "The role of managerial incentives in corporate acquisitions: the 1990s evidence," Journal of Corporate Finance, Elsevier, Elsevier, vol. 7(2), pages 125-149, June.
  12. Wruck, Karen Hopper, 1990. "Financial distress, reorganization, and organizational efficiency," Journal of Financial Economics, Elsevier, Elsevier, vol. 27(2), pages 419-444, October.
  13. Gregor Andrade & Mark Mitchell & Erik Stafford, 2001. "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 103-120, Spring.
  14. Elayan, Fayez A & Young, Philip J, 1994. "The Value of Control: Evidence from Full and Partial Acquisitions in the Real Estate Industry," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 8(2), pages 167-82, March.
  15. Lehn, Kenneth & Poulsen, Annette, 1989. " Free Cash Flow and Stockholder Gains in Going Private Transactions," Journal of Finance, American Finance Association, American Finance Association, vol. 44(3), pages 771-87, July.
  16. Agrawal, Anup & Jaffe, Jeffrey F., 2003. "Do Takeover Targets Underperform? Evidence from Operating and Stock Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(04), pages 721-746, December.
  17. Song, Moon H. & Walkling, Ralph A., 1993. "The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder Wealth," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 28(04), pages 439-457, December.
  18. Charlie Weir & David Laing, 2003. "Ownership structure, board composition and the market for corporate control in the UK: an empirical analysis," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 35(16), pages 1747-1759.
  19. Piet Eichholtz & Nils Kok, 2008. "How Does the Market for Corporate Control Function for Property Companies?," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 36(2), pages 141-163, February.
  20. Robert D. Campbell & Chinmoy Ghosh & C. F. Sirmans, 2001. "The Information Content of Method of Payment in Mergers: Evidence from Real Estate Investment Trusts (REITs)," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 29(3), pages 361-387.
  21. Palepu, Krishna G., 1986. "Predicting takeover targets : A methodological and empirical analysis," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 8(1), pages 3-35, March.
  22. Ko Wang & John Erickson & Su Han Chan, 1995. "Does the REIT Stock Market Resemble the General Stock Market?," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 10(4), pages 445-460.
  23. Mikkelson, Wayne H. & Partch, M. Megan, 1988. "Withdrawn Security Offerings," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 23(02), pages 119-133, June.
  24. Michael Weisbach, 2010. "Corporate Governance," NBER Books, National Bureau of Economic Research, Inc, number weis10-1, January.
  25. Randall Morck & Andrei Shleifer & Robert W. Vishny, 1988. "Characteristics of Targets of Hostile and Friendly Takeovers," NBER Chapters, in: Corporate Takeovers: Causes and Consequences, pages 101-136 National Bureau of Economic Research, Inc.
  26. Servaes, Henri, 1991. " Tobin's Q and the Gains from Takeovers," Journal of Finance, American Finance Association, American Finance Association, vol. 46(1), pages 409-19, March.
  27. Ambrose, Brent W. & Megginson, William L., 1992. "The Role of Asset Structure, Ownership Structure, and Takeover Defenses in Determining Acquisition Likelihood," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(04), pages 575-589, December.
  28. Mitchell, Mark L. & Mulherin, J. Harold, 1996. "The impact of industry shocks on takeover and restructuring activity," Journal of Financial Economics, Elsevier, Elsevier, vol. 41(2), pages 193-229, June.
  29. Opler, Tim & Titman, Sheridan, 1993. " The Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs," Journal of Finance, American Finance Association, American Finance Association, vol. 48(5), pages 1985-99, December.
  30. Olgun Fuat Sahin, 2005. "The Performance of Acquisitions in the Real Estate Investment Trust Industry," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 27(3), pages 321-342.
  31. Del Guercio, Diane, 1996. "The distorting effect of the prudent-man laws on institutional equity investments," Journal of Financial Economics, Elsevier, Elsevier, vol. 40(1), pages 31-62, January.
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Citations

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Cited by:
  1. S. Akin & Val Lambson & Grant McQueen & Brennan Platt & Barrett Slade & Justin Wood, 2013. "Rushing to Overpay: Modeling and Measuring the REIT Premium," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 47(3), pages 506-537, October.
  2. James Brau & J. Carpenter & Mauricio Rodriguez & C. Sirmans, 2013. "REIT Going Private Decisions," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 46(1), pages 24-43, January.
  3. Ghosh, Chinmoy & Petrova, Milena & Xiao, Yihong, 2012. "Do REITs use cash reserves efficiently? Evidence from corporate acquisitions," Journal of International Money and Finance, Elsevier, Elsevier, vol. 31(7), pages 1953-1970.

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