IDEAS home Printed from https://ideas.repec.org/a/taf/repmxx/v7y2001i2p151-157.html
   My bibliography  Save this article

The Wealth Effects of REIT Straight Debt Offerings

Author

Listed:
  • Shawn Howton
  • Shelly Howton

Abstract

Executive Summary. The market's reaction to seventy-four real estate investment trust (REIT) straight debt issues between 1991 and 1997 is examined. No significant market reaction to straight debt issues on the announcement day is found. The findings also show that in univariate tests of announcement day returns, the market reaction to a straight debt issue is inversely related to the issuer's level of existing cash and inversely related to investment opportunities as measured by Tobin's q. These results differ from previous findings for industrial firms in Howton, Howton and Perfect (1998). The differences between REITs and industrials may be due to the regulatory structure of REITs.

Suggested Citation

  • Shawn Howton & Shelly Howton, 2001. "The Wealth Effects of REIT Straight Debt Offerings," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 7(2), pages 151-157, January.
    • Handle: RePEc:taf:repmxx:v:7:y:2001:i:2:p:151-157
    DOI: 10.1080/10835547.2001.12089634
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/10835547.2001.12089634
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/10835547.2001.12089634?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:repmxx:v:7:y:2001:i:2:p:151-157. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/repm20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.