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作者

Su Han Chan;Jiajin Chen;Ko Wang

来源

REAL ESTATE ECONOMICS,Vol.47,Issue1,P.214-262

语言

英文

关键字

作者单位

Carey Business School, Johns Hopkins University, 100 International Drive, Baltimore, MD, 21202‐1099 USA;School of Business, Stockton University, 101 Vera King Farris Drive, Galloway, NJ, 08205–9441 USA;Carey Business School, Johns Hopkins University, 100 International Drive, Baltimore, MD, 21202‐1099 USA

摘要

We analyze 483 entry and 439 exit events of publicly traded real estate investment trusts (REITs) and find that changes in the number of REITs in the market affect rival REITs’ stock performance. We also partition the sample by the modes of entries and exits as well as by REIT asset type in order to disentangle alternative explanations. Overall, our evidence indicates that the supply effect still matters for stock prices even after considering signaling and price pressure explanations.