REIT Stock Splits and Market Efficiency

William Hardin (), Kartono Liano () and Gow-Cheng Huang ()

The Journal of Real Estate Finance and Economics, 2005, vol. 30, issue 3, pages 297-315

Abstract: An analysis of real estate investment trust (REIT) stock splits is presented. Evaluation of the initial reaction to split REITs supports efficient market pricing where REITs generate statistically significant positive announcement date returns, no statistically significant record date returns, and muted ex-date returns. In the long-term, split REITs do not consistently out perform benchmark portfolios over one-year, two-year, and three-year periods. REITs split subsequent to a substantial run up in stock price and to improve the position of their post split stock price relative to the stock price of the typical REIT. Copyright Springer Science + Business Media, Inc. 2005

Keywords: REITs; stock split; market efficiency; behavioral finance; long-term performance; short-term performance (search for similar items in EconPapers)
Date: 2005
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Persistent link: http://EconPapers.repec.org/RePEc:kap:jrefec:v:30:y:2005:i:3:p:297-315

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