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Does A Firm's Entry or Exit Affect Competitors’ Value? Evidence from the REIT Industry

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  • Su Han Chan
  • Jiajin Chen
  • Ko Wang

Abstract

We analyze 483 entry and 439 exit events of publicly traded real estate investment trusts (REITs) and find that changes in the number of REITs in the market affect rival REITs’ stock performance. We also partition the sample by the modes of entries and exits as well as by REIT asset type in order to disentangle alternative explanations. Overall, our evidence indicates that the supply effect still matters for stock prices even after considering signaling and price pressure explanations.

Suggested Citation

  • Su Han Chan & Jiajin Chen & Ko Wang, 2019. "Does A Firm's Entry or Exit Affect Competitors’ Value? Evidence from the REIT Industry," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 47(1), pages 214-262, March.
    • Handle: RePEc:bla:reesec:v:47:y:2019:i:1:p:214-262
    DOI: 10.1111/1540-6229.12240
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