Digital library of construction informatics and information technology in civil engineering and construction
 
ITC
Digital library
SciX
Tower of Babel
Home All papers Browse by series Browse by authors Browse by keywords Browse by years
Paper: eres2001_123
Paper title: Using REITs to Extricate the Effect of Managerial Signalling in Open Market Share Repurchase Announcements
Authors: Brau, James C.; Holmes, Andrew
Summary: This paper explores the effect of stock repurchase announcements on equity returns for publicly traded real estate investment trusts. The study of share repurchases in the context of real estate investment trusts provides a novel opportunity to disentangle the impact of competing theories for the abnormal returns observed around repurchase announcements. Prior literature advances six hypotheses to explain the stock price reaction associated with repurchases. The unique institutional attributes of real estate investment trusts negate the economic logic sustaining all of the hypotheses except the managerial signaling hypothesis. Hence, we are able to focus exclusively on assessing the impact of managerial signaling. After controlling for relevant economic variables, we provide evidence for the efficacy of the managerial signaling hypothesis in the context of open market share repurchases.
Type:
Year of publication: 2001
Series: ERES:conference
Download paper: /pdfs/eres2001_123.content.pdf
Citation: Brau, James C.; Holmes, Andrew (2001). Using REITs to Extricate the Effect of Managerial Signalling in Open Market Share Repurchase Announcements. 8th European Real Estate Society Conference (26-29 June 2001) Alicante, Spain, http://itc.scix.net/paper/eres2001_123
hosted by University of Ljubljana University of Ljubljana

includes:

CIB
W78

ECCE

ITcon
© itc.scix.net
inspired by SciX, ported by Robert Klinc [2019]