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A Reexamination of Corporate Sell-Offs of Real Estate Assets

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  • Booth, G Geoffrey
  • Glascock, John L
  • Sarkar, Salil K

Abstract

This article re-examines the now generally accepted notion that sell-offs of real estate assets provide positive returns for sellers but not for buyers. Following previous research, we use event study methods but we modify the conventional market model to permit its residuals (unexpected returns) to be described by a time-varying conditional variance. We also differ from previous work in that our sample contains only sell-offs that can be precisely dated. Although we find substantial evidence of time-varying volatility in the unexpected return series, our economic results confirm the conventional viewpoint. Copyright 1996 by Kluwer Academic Publishers

Suggested Citation

  • Booth, G Geoffrey & Glascock, John L & Sarkar, Salil K, 1996. "A Reexamination of Corporate Sell-Offs of Real Estate Assets," The Journal of Real Estate Finance and Economics, Springer, vol. 12(2), pages 195-202, March.
    • Handle: RePEc:kap:jrefec:v:12:y:1996:i:2:p:195-202
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    Cited by:

    1. Masatomo Suzuki & Seow Eng Ong & Yasushi Asami & Chihiro Shimizu, 2023. "Long-Run Renewal of REIT Property Portfolio Through Strategic Divestment," The Journal of Real Estate Finance and Economics, Springer, vol. 66(1), pages 1-40, January.
    2. Jonathan Wiley & Brandon Cline & Xudong Fu & Tian Tang, 2012. "Valuation Effects for Asset Sales," Journal of Financial Services Research, Springer;Western Finance Association, vol. 41(3), pages 103-120, June.
    3. Kanungo, Rama Prasad, 2021. "Uncertainty of M&As under asymmetric estimation," Journal of Business Research, Elsevier, vol. 122(C), pages 774-793.
    4. Lee, Hyunchul & Cho, Euije & Cheong, Chongcheul & Kim, Jinsu, 2013. "Do strategic alliances in a developing country create firm value? Evidence from Korean firms," Journal of Empirical Finance, Elsevier, vol. 20(C), pages 30-41.
    5. Lee, Hyunchul & Kim, Dukyong & Seo, Minkyo, 2013. "Market valuation of marketing alliances in East Asia: Korean evidence," Journal of Business Research, Elsevier, vol. 66(12), pages 2492-2499.
    6. Dirk Brounen & Mathijs van Dijk & Piet M.A. Eichholtz, 2008. "Corporate Real Estate and Corporate Takeovers: International Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 30(3), pages 293-314.

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