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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