IDEAS home Printed from https://ideas.repec.org/a/taf/repmxx/v7y2001i3p239-246.html
   My bibliography  Save this article

Pricing Effects of Seasoned Debt Issues of Equity REITs

Author

Listed:
  • Chinmoy Ghosh
  • Raja Nag
  • C Sirmans

Abstract

Executive Summary. Real estate investment trusts (REITs) have been one of the most active sectors in the capital market over the last few years. This study examines the equity valuation effects of seasoned debt offers by REITs during the 1991-1997 period. REITs raised more than $35 billion through debt issues during this period. The findings indicate a positive significant reaction to announcements of debt offers. Although the results are inconsistent with traditional finance literature, it corroborates Howe and Shilling's (1988) findings for a smaller sample of 73 REITs. Further, the price changes are found to be significant and positively related to the amount of debt issued and significant and negatively related to the apartment and mall property types.

Suggested Citation

  • Chinmoy Ghosh & Raja Nag & C Sirmans, 2001. "Pricing Effects of Seasoned Debt Issues of Equity REITs," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 7(3), pages 239-246, January.
    • Handle: RePEc:taf:repmxx:v:7:y:2001:i:3:p:239-246
    DOI: 10.1080/10835547.2001.12089646
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/10835547.2001.12089646
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/10835547.2001.12089646?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:3:p:239-246. 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.