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作者

David C. Ling;Joseph T.L. Ooi;Ruoran Xu

来源

REAL ESTATE ECONOMICS,Vol.47,Issue3,P.884-927

语言

英文

关键字

作者单位

Department of Finance Insurance & Real Estate, Warrington College of Business, University of Florida, Gainesville, FL;Department of Real Estate, National University of Singapore, Singapore;School of Securities and Futures, Southwestern University of Finance and Economics, Chengdu Shi, Sichuan Sheng, China

摘要

In this article, we examine the impact of asset growth rates on the future stock performance of 308 publicly traded real estate investment trusts (REITs). We observe that fast‐growing REITs tend to underperform slow growing REITs. However, we find evidence that the growth effect is significantly less negative for REITs selling at a premium to net asset value. In addition, we observe the asset growth effect only in the subsample of REITs that engages in equity issuance over the next 12 months. The combined evidence suggests contemporaneous equity dilution, which has not been considered in previous studies, may provide an explanation for the underperformance of fast‐growing firms.