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The Impact of Financing Decisions on the Security Returns of Real Estate Corporations

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  • Allen, Marcus T
  • Rutherford, Ronald C

Abstract

This research investigates the valuation impact of financing decisions on the common stock of real estate corporations. We compare the results of our study with the results of similar studies in the corporate finance literature to test whether the response to security offerings by real estate firms differs systematically from the response to offerings by industrial and utility firms. The results of this study indicate a generally favorable price response to straight bond announcements, and unfavorable responses to common stock, convertible bonds, and lines of credit announcements. Copyright 1992 by Kluwer Academic Publishers

Suggested Citation

  • Allen, Marcus T & Rutherford, Ronald C, 1992. "The Impact of Financing Decisions on the Security Returns of Real Estate Corporations," The Journal of Real Estate Finance and Economics, Springer, vol. 5(4), pages 393-400, December.
    • Handle: RePEc:kap:jrefec:v:5:y:1992:i:4:p:393-400
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    Cited by:

    1. Chinmoy Ghosh & Scott Roark & C. Sirmans, 2013. "On The Operating Performance of REITs Following Seasoned Equity Offerings: Anomaly Revisited," The Journal of Real Estate Finance and Economics, Springer, vol. 46(4), pages 633-663, May.
    2. Marc Berninger & Paul Bossong & Dirk Schiereck & Marcel Steinhardt, 2023. "Too transparent for signalling? A global analysis of bond issues by property companies," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(3), pages 3125-3145, September.

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