Eres : Digital Library : Works

Paper eres2001_123:
Using REITs to Extricate the Effect of Managerial Signalling in Open Market Share Repurchase Announcements

id eres2001_123
authors Brau, James C.; Holmes, Andrew
year 2001
title Using REITs to Extricate the Effect of Managerial Signalling in Open Market Share Repurchase Announcements
source 8th European Real Estate Society Conference (26-29 June 2001) Alicante, Spain
summary This paper explores the effect of stock repurchase announcements on equity returns for publicly traded real estate investment trusts. The study of share repurchases in the context of real estate investment trusts provides a novel opportunity to disentangle the impact of competing theories for the abnormal returns observed around repurchase announcements. Prior literature advances six hypotheses to explain the stock price reaction associated with repurchases. The unique institutional attributes of real estate investment trusts negate the economic logic sustaining all of the hypotheses except the managerial signaling hypothesis. Hence, we are able to focus exclusively on assessing the impact of managerial signaling. After controlling for relevant economic variables, we provide evidence for the efficacy of the managerial signaling hypothesis in the context of open market share repurchases.
series ERES:conference
content file.pdf (76,174 bytes)
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ratings
session Real estate finance in the world
last changed 2009/07/10 18:07
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