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Paper eres2017_129:
Are REIT Investors Overly Optimistic after Equity Offerings?:Evidence from Analyst Forecast Errors

id eres2017_129
authors Devos, Elizabeth; Erik Devos, Seow Eng Ong, Andrew Spieler
year 2017
title Are REIT Investors Overly Optimistic after Equity Offerings?:Evidence from Analyst Forecast Errors
source 24th Annual European Real Estate Society Conference in Delft, Netherlands
summary Optimism around Initial Public Offerings is well documented. However, Seasoned Equity Offerings are often surrounded by less optimism. Based on analyst forecast properties for a large number of REITs, we find that REIT analysts tend to be relatively optimistic after IPOs, whereas this tends not to be the case surrounding SEOs. Our results are more pronounced when REITs are bigger and have more analysts following them. Our results are robust for a number of multivariate specifications. Our findings suggest that possible underperformance of REITs after the IPO may be caused by over-optimistic stock markets.
keywords REIT; Over-optimism; Analyst Behavior; IPO; SEO
series ERES:conference
type paper session
discussion No discussions. Post discussion ...
ratings
session Panel EPRA
last changed 2017/11/18 16:20
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