The Wealth Effects of Merger Activities: Further Evidence from Real Estate Investment Trusts
This paper examines the effect of merger announcements on target firm shareholder wealth. The sample is limited to Real Estate Investment Trust (REIT) targets. Previous corporate acquisition studies report strong pre-announcement and announcement day price appreciation for target firms. Significant positive abnormal returns are detected for the REIT targets at announcement but not during the pre-announcement period.
Volume (Year): 4 (1989)
Issue (Month): 3 ()
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- Michael E. Solt & Norman G. Miller, 1985. "Managerial Incentives: Implications for the Financial Performance of Real Estate Investment Trusts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(4), pages 404-423.
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