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Empirical Evidence on the Performance of Real Estate Investment Trusts and Shareholders’ Wealth Effect Following Issuance of an Seo: The South African Context

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  • O.D. Ajayi
  • O. Akinsomi

Abstract

The purpose of the paper is to examine and analyze the performance of South African Real Estate Investment Trusts (SAREITs) with a view to enhancing investment decision making and ultimately shareholders’ wealth. Unbalanced data (2007 – 2017) of 37 listed SAREITs will be retrieved and analyzed from the I-Net (BFA) McGreggor database using the Abnormal Returns, Cumulative Average Abnormal Return (CAAR); and Buy and Hold Abnormal Returns (BHAR) over a 101-day event window period. This paper intends to add to the international REIT research and literature by exploring new evidence behind performance of REITs following issuance of Secondary Equity Offerings (SEOs). The analysis covers a period of ten (10) years; as such, becomes robust for potential investment decision making

Suggested Citation

  • O.D. Ajayi & O. Akinsomi, 2018. "Empirical Evidence on the Performance of Real Estate Investment Trusts and Shareholders’ Wealth Effect Following Issuance of an Seo: The South African Context," AfRES afres2018_116, African Real Estate Society (AfRES).
    • Handle: RePEc:afr:wpaper:afres2018_116
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    More about this item

    Keywords

    REITs; Secondary Equity Offerings (SEOs); shareholder wealth effect;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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