An Analysis of the Acquisition and Disposition of Real Estate Assets

John Glascock, Wallace N. Davidson () and C.F. Sirmans
Additional contact information
Wallace N. Davidson: Department of Finance College of Business Southern Illinois University Carbondale, Illinois 62901, http://www.cba.siu.edu/finance/
C.F. Sirmans: Finance Department College of Business Administration Louisiana State University Baton Rouge, Louisiana 70803, http://www2.gasou.edu/coba/depts/mm/

Journal of Real Estate Research, 1989, vol. 4, issue 3, 131-140

Abstract: This research studies the acquisition and disposition of real estate assets by non-real estate firms from 1981 through 1986. Contrary to previous studies of real estate assets, we find no abnormal performance associated with the buyers of real estate assets and only weak evidence of excess returns for sellers. When combining our results with previous work, we conclude that real estate assets themselves offer the market no unique opportunity to earn excess return. However, it appears that selected organizational forms may be preferred for managing some real estate assets. Thus, when the acquisition or disposition of a realty asset has no change in the management structure of the assets, as in this study, no excess return is found. Our study is limited by the relatively small number of sellers available for analysis.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1989
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://pages.jh.edu/jrer/papers/pdf/past/vol04n03/v04p131.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jre:issued:v:4:n:3:1989:p:131-140

Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
http://pages.jh.edu/jrer/about/get.htm

Access Statistics for this article

Journal of Real Estate Research is currently edited by Dr. Ko Wang

More articles in Journal of Real Estate Research from American Real Estate Society American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323.
Bibliographic data for series maintained by JRER Graduate Assistant/Webmaster ().