 Sell‐Offs of U.S. Real Estate: The Effect of Domestic versus Foreign Buyers on Shareholder WealthF. C. Neil Myer, Ling T. He and James R. Webb Real Estate Economics, 1992, vol. 20, issue 3, 487-500 Abstract: Large foreign acquisitions of U.S. real estate always seem to generate considerable public concern. Most recently the reaction has been to Japanese purchases, but similar reactions occurred to Arab petro‐dollar purchases in the early 1970s. This study examines the impact of the buyer's nationality on the change in the wealth of the selling firm's shareholders for voluntary sell‐offs of U.S. real estate. In general, this study indicates that voluntary sell‐offs of real estate assets result in a significant increase in the wealth of the selling firm's shareholders. However, the change in the wealth of the selling firm's shareholders for U.S. buyers was not significantly different from that for non‐U.S. buyers. Since no advance is indicated for foreign buyers over domestic buyers, laws or regulations hindering the foreign acquisition of U.S. real estate cannot be supported. The assumption of a “non‐level playing field” for U.S. real estate investors who bid against foreign firms for U.S. real estate assets is not confirmed. Date: 1992 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:reesec:v:20:y:1992:i:3:p:487-500 Ordering information: This journal article can be ordered from Access Statistics for this article Real Estate Economics is currently edited by Crocker Liu, N. Edward Coulson and Walter Torous More articles in Real Estate Economics from American Real Estate and Urban Economics Association Contact information at EDIRC. |
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