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Investors' Opinion Divergence and the REIT Post-Repurchase Announcement Price Drift

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  • Gow-Cheng Huang
  • Kartono Liano
  • Ming-Shiun Pan

Abstract

Executive Summary. This study examines whether the divergence of opinions among investors is a significant determinant of the real estate investment trust (REIT) post-repurchase announcement price drift. We find that change in trading turnover, a proxy for divergence of investors' opinions, is negatively related to the REIT post-repurchase announcement returns. Alternative measures of opinion divergence such as change in risk and earnings surprises are not associated with the REIT long-term return anomaly. We also find that the signaling-delayed reaction and overreaction hypotheses cannot explain the REIT post-repurchase return price drift. In short, our results suggest that divergence of opinions among investors can help explain the REIT postrepurchase announcement returns.

Suggested Citation

  • Gow-Cheng Huang & Kartono Liano & Ming-Shiun Pan, 2013. "Investors' Opinion Divergence and the REIT Post-Repurchase Announcement Price Drift," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 19(2), pages 155-168, January.
    • Handle: RePEc:taf:repmxx:v:19:y:2013:i:2:p:155-168
    DOI: 10.1080/10835547.2013.12089950
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