IDEAS home Printed from https://ideas.repec.org/a/taf/rjerxx/v42y2020i1p125-150.html
   My bibliography  Save this article

Clientele Effects for Corporate Investors in the Industrial Market

Author

Listed:
  • Yu Liu
  • Jonathan A. Wiley

Abstract

Corporate investors pay significantly higher prices for industrial acquisitions (by an estimated 10%), but sell at market prices that are no different from other investors. The findings implicate informational disadvantages since it is only inexperienced corporations who overpay. Overpayment is more severe for high-quality assets and those sought after by users. Prices are significantly higher when both buyer and seller are corporate investors, indicating different approaches to valuation. Inclusiveness of the control group is an important caveat when measuring clientele effects. Overall, this study contributes to our understanding of investor clientele effects in the market for commercial real estate ownership.

Suggested Citation

  • Yu Liu & Jonathan A. Wiley, 2020. "Clientele Effects for Corporate Investors in the Industrial Market," Journal of Real Estate Research, Taylor & Francis Journals, vol. 42(1), pages 125-150, January.
    • Handle: RePEc:taf:rjerxx:v:42:y:2020:i:1:p:125-150
    DOI: 10.22300/0896-5803.42.1.125
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.22300/0896-5803.42.1.125
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.22300/0896-5803.42.1.125?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:rjerxx:v:42:y:2020:i:1:p:125-150. 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/rjer20 .

    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.