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Paper eres2010_105:
THE COSTS OF RIGHTS ISSUE CAPITAL RAISING BY AUSTRALIAN REITS

id eres2010_105
authors Dimovski, Bill
year 2010
title THE COSTS OF RIGHTS ISSUE CAPITAL RAISING BY AUSTRALIAN REITS
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary Rights issues are a common method for raising additional equity capital by Australian Real Estate Investment Trusts (A-REITs). This study investigates the A-REIT capital raising costs of the renounceable and non-renounceable equity rights issues during 2001 to 2009. Potential influencing factors on direct and indirect (as measured by the percentage discount to subscribers) costs will be investigated. Issue size, percentage underwritten and concentration of ownership are expected to significantly influence the percentage direct costs while whether the issue is underwritten is expected to influence the percentage discount. Identifying factors that influence the direct and indirect costs may help A-REITs better control their rights issue capital raising costs.
keywords REITs, rights issues, costs of capital raising
series ERES:conference
email wd@deakin.edu.au
more http://www.eres2010.org/index.asp?page=papers_download
content file.ppt (279,040 bytes)
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ratings
session Real Estate Finance (2)
last changed 2010/08/04 20:47
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