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The Information Content of REIT Credit Rating Actions and Transparency

  • Alan Tidwell


    (Columbus State University)

  • Alan Ziobrowski


    (Georgia State University)

  • Paul Gallimore


    (University of Reading)

  • SeungHan Ro


    (Konkuk University)

Registered author(s):

    We examine the short-run and long-run price reaction of equity real estate investment trust (REIT) shares following credit rating actions, testing the transparency of the REIT structure. Generally, the economic effect on the stock price is subdued for both upgrades and downgrades compared to prior literature examining the broader U.S. equity market. An examination of trading volume revealed a significant increase in trading in reaction to downgrade credit rating changes, with a more subdued response to upgrades. The findings support the notion that REITs are more publicly forthcoming about the expectation of positive news in comparison to negative news.

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

    Volume (Year): 35 (2013)
    Issue (Month): 3 ()
    Pages: 365-392

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    Handle: RePEc:jre:issued:v:35:n:3:2013:p:365-392
    Contact details of provider: 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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    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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