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Real Estate Mergers: Corporate Control & Shareholder Wealth

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  • Kiplan Womack

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  • Kiplan Womack, 2012. "Real Estate Mergers: Corporate Control & Shareholder Wealth," The Journal of Real Estate Finance and Economics, Springer, vol. 44(4), pages 446-471, May.
    • Handle: RePEc:kap:jrefec:v:44:y:2012:i:4:p:446-471
    DOI: 10.1007/s11146-010-9251-6
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    4. Robert Campbell & Chinmoy Ghosh & C. Sirmans, 2005. "Value Creation and Governance Structure in Reit Mergers," The Journal of Real Estate Finance and Economics, Springer, vol. 31(2), pages 225-239, September.
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    7. Ezzell, John R. & Miles, James A. & Mulherin, J. Harold, 2003. "Is There Really a When-Issued Premium?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(3), pages 611-634, September.
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    9. Jingyu Li & Fayez Elayan & Thomas Meyer, 2001. "Acquisitions by Real Estate Investment Trusts as a strategy for minimization of investor tax liability," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 25(1), pages 115-134, March.
    10. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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    12. Mulherin, J. Harold & Boone, Audra L., 2000. "Comparing acquisitions and divestitures," Journal of Corporate Finance, Elsevier, vol. 6(2), pages 117-139, July.
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    15. Willard McIntosh & Dennis T. Officer & Jeffrey A. Born, 1989. "The Wealth Effects of Merger Activities: Further Evidence from Real Estate Investment Trusts," Journal of Real Estate Research, American Real Estate Society, vol. 4(3), pages 141-156.
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    20. repec:bla:jfinan:v:59:y:2004:i:1:p:31-63 is not listed on IDEAS
    21. Piet Eichholtz & Nils Kok, 2008. "How Does the Market for Corporate Control Function for Property Companies?," The Journal of Real Estate Finance and Economics, Springer, vol. 36(2), pages 141-163, February.
    22. Lease, Ronald C & Masulis, Ronald W & Page, John R, 1991. "An Investigation of Market Microstructure Impacts on Event Study Returns," Journal of Finance, American Finance Association, vol. 46(4), pages 1523-1536, September.
    23. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
    24. Olgun Fuat Sahin, 2005. "The Performance of Acquisitions in the Real Estate Investment Trust Industry," Journal of Real Estate Research, American Real Estate Society, vol. 27(3), pages 321-342.
    25. David Hartzell & John Hekman & Mike Miles, 1986. "Diversification Categories in Investment Real Estate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(2), pages 230-254, June.
    26. Barber, Brad M. & Lyon, John D., 1997. "Detecting long-run abnormal stock returns: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 43(3), pages 341-372, March.
    27. Robert D. Campbell & Chinmoy Ghosh & C. F. Sirmans, 2001. "The Information Content of Method of Payment in Mergers: Evidence from Real Estate Investment Trusts (REITs)," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 29(3), pages 361-387, March.
    28. Mike Miles & Tom Mc Cue, 1982. "Historic Returns and Institutional Real Estate Portfolios," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 10(2), pages 184-199, June.
    29. Emil E. Malizia & Robert A. Simons, 1991. "Comparing Regional Classifications for Real Estate Portfolio Diversification," Journal of Real Estate Research, American Real Estate Society, vol. 6(1), pages 53-78.
    30. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    31. Elayan, Fayez A & Young, Philip J, 1994. "The Value of Control: Evidence from Full and Partial Acquisitions in the Real Estate Industry," The Journal of Real Estate Finance and Economics, Springer, vol. 8(2), pages 167-182, March.
    32. Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 21-48, Winter.
    33. Glenn R. Mueller & Barry A. Ziering, 1992. "Real Estate Portfolio Diversification Using Economic Diversification," Journal of Real Estate Research, American Real Estate Society, vol. 7(4), pages 375-386.
    34. David H. Downs, 1998. "The Value in Targeting Institutional Investors: Evidence from the Five‐or‐Fewer Rule Change," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 26(4), pages 613-649, December.
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    Citations

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    Cited by:

    1. Jarl G. Kallberg & Yoshiki Shimizu, 2023. "Acquisitions and the Opportunity Set," The Journal of Real Estate Finance and Economics, Springer, vol. 66(4), pages 904-938, May.
    2. Guojie Ma, 2016. "Corporate Behaviour and Market Integration: Evidence from the Asia-Pacific Real Estate Market," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 3-2016, January-A.
    3. 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.
    4. Kevin Hon Sheng Yap & Seow Eng Ong & Wee Yong Yeo, 2018. "Demystifying the Management Structure Puzzle: an Empirical Investigation into the Drivers of REIT Internalization," The Journal of Real Estate Finance and Economics, Springer, vol. 57(3), pages 367-399, October.
    5. repec:uts:finphd:35 is not listed on IDEAS
    6. Helen X. H. Bao & Adam Brady & Ziyou Wang, 2020. "Pricing Efficiency and Bounded Rationality: Evidence Based on the Responses Surrounding GICS Real Estate Category Creation," International Real Estate Review, Global Social Science Institute, vol. 23(1), pages 663-689.
    7. Helen X. H. Bao & Adam Brady & Ziyou Wang, 2020. "Pricing Efficiency and Bounded Rationality: Evidence Based on the Responses Surrounding GICS Real Estate Category Creation," International Real Estate Review, Global Social Science Institute, vol. 23(1), pages 37-63.
    8. J. Mulherin & Kiplan Womack, 2015. "Competition, Auctions & Negotiations in REIT Takeovers," The Journal of Real Estate Finance and Economics, Springer, vol. 50(2), pages 151-180, February.
    9. Tumellano Sebehela, 2016. "Portfolio Formation Memory," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 11(02), pages 1-16, June.
    10. Tumellano Sebehela, 2017. "Game Options," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 12(03), pages 1-17, September.
    11. Marcato, Gianluca & Sebehela, Tumellano & Campani, Carlos Heitor, 2018. "Volatility smiles when information is lagged in prices," The North American Journal of Economics and Finance, Elsevier, vol. 46(C), pages 151-165.
    12. Sridhar Gogineni & Pawan Jain, 2021. "The Role of Target Termination Fees in REIT Mergers," The Journal of Real Estate Finance and Economics, Springer, vol. 63(1), pages 1-39, July.

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