IPOs and SEOs in the US Real Estate Industry by Philip Radner

By Philip Radner

Philip Radner analyzes fairness financing phenomena and researches IPO underpricing and website positioning assertion results utilizing facts units for US REITs. in addition, he discusses underpricing theories and their applicability within the REIT context and provides a theoretical historical past on IPOs and on underpricing particularly. With this history to hand, the implications out of this dissertation suggest to target the wording in IPO files because it may also help to maximise IPO proceeds. additionally, he analyzes the right way to higher time and announce next fairness financing occasions. it's anticipated that considerably underpriced concerns allure extra traders and that next SEOs are then more uncomplicated to behavior and usually bring up extra capital.

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This phenomenon can be explained by the Pecking Order Theory of Myers and Majluf (1984). Denis and Sarin (2001) analyze stock price reactions of quarterly reports after an SEO (earnings announcements). 28% per quarter. 72% per quarter in the period before the issue. They therefore confirm a negative influence on the stock price of the company. Eckbo, Masulis, and Norli (2000) explain this effect with lower leverage and thus lower risk. Besides the analysis of abnormal returns a lot of studies investigates the influence of SEOs on the operating performance of issuing firms.

3 shed light on underpricing theories and empirical evidence of underpricing in the REIT IPO context. This leads to the problem of the explanatory power of the various theories when applied to REIT IPOs. As far as Rock’s (1986) winner’s curse model is concerned the observed underpricing evidence and post-1990 characteristics of the US REIT industry are in line with it (overpricing prevailed the 1980s mostly due to the fact that REITs were mostly marketed to less-informed retail investors). Retail demand was more and more crowded out by institutional investors after 1990.

It seems that announcements effects are substantially greater than before the crisis. However, this effect decreased with c. 0% per year. Therefore, the effect returns to the level of former studies and the pre-crisis level. 2 of this study analyzes the economic literature on the topic of announcements effects and its findings. 4 elaborates on the results of the event study and the regression analysis. The last subchapter summarizes discusses the results. 2 Theoretical Background Numerous studies on announcements effects with regard to SEOs exist.

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IPOs and SEOs in the US Real Estate Industry by Philip Radner
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