The Wealth Effects of Merger Activities: Further Evidence from Real Estate Investment Trusts

Willard McIntosh, Dennis T. Officer and Jeffrey A. Born ()
Additional contact information
Willard McIntosh: Center for Real Estate Studies College of Business and Economics University of Kentucky Lexington, Kentucky 40506, http://gatton.uky.edu/RBOC/CRES/cres.html
Dennis T. Officer: Department of Finance College of Business and Economics University of Kentucky Lexington, Kentucky 40506, http://gatton.uky.edu/academic/Management/Finance/finance.html
Jeffrey A. Born: College of Business Administration Northeastern University Boston, Massachusetts 02115, http://www.cba.neu.edu/

Journal of Real Estate Research, 1989, vol. 4, issue 3, 141-156

Abstract: This paper examines the effect of merger announcements on target firm shareholder wealth. The sample is limited to Real Estate Investment Trust (REIT) targets. Previous corporate acquisition studies report strong pre-announcement and announcement day price appreciation for target firms. Significant positive abnormal returns are detected for the REIT targets at announcement but not during the pre-announcement period.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1989
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Citations: View citations in EconPapers (16)

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