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Title: Seasoned Equity Issuance by Japan and Singapore REITs
Authors: Ong, S.E. 
Ooi, J.T.L. 
Kawaguichi, Y.
Keywords: Acquisition
Issue Date: 2011
Citation: Ong, S.E., Ooi, J.T.L., Kawaguichi, Y. (2011). Seasoned Equity Issuance by Japan and Singapore REITs. Journal of Real Estate Finance and Economics 43 (1) : 205-220. ScholarBank@NUS Repository.
Abstract: This paper examines the effects of market conditions and asset acquisitions on announcement returns and the probability of equity offerings by REITs in Japan and Singapore. The Asian experience is interesting given the prevalence of yield accretive strategies, but more so, we establish that past acquisitions have a significant effect on the probability of equity offering, over and beyond the effect of debt and market conditions. A contemporaneous acquisition announcement mitigates the negative price effect of the SEO announcement. We also find that equity clustering affects market reaction and SEO issuance. © 2010 Springer Science+Business Media, LLC.
Source Title: Journal of Real Estate Finance and Economics
ISSN: 08955638
DOI: 10.1007/s11146-010-9285-9
Appears in Collections:Staff Publications

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