What is it about?
This paper examines the impacts of private placements by Australian Real Estate Investment Trusts (A-REITs) on existing shareholders. Results show that shareholders suffer negative risk-adjusted returns around the announcement.
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Why is it important?
This is the first study to examine the impact of private placements on existing Australian REIT shareholders. Our results are in contrast to prior studies conducted on industrial firms.
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This page is a summary of: Market discounts and shareholder benefits, Journal of Property Investment & Finance, August 2014, Emerald,
DOI: 10.1108/jpif-05-2014-0031.
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