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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.59,Issue1,P.90-110

语言

英文

关键字

REIT; Information asymmetry; IPO; SEO; Bid-ask spreads; LIQUIDITY; FIRMS; COST; IPOS

作者单位

[Devos, Elizabeth] Eastern Michigan Univ, Coll Business, Dept Accounting & Finance, Ypsilanti, MI 48197 USA. [Devos, Erik] Univ Texas El Paso, Coll Business Adm, Ellis & Susan Mayfield Chair Business Adm, El Paso, TX 79968 USA. [Devos, Erik] Univ Texas El Paso, Coll Business Adm, Finance, Dept Econ & Finance, El Paso, TX 79968 USA. [Ong, Seow Eng] Natl Univ Singapore, Sch Design & Environm, Dept Real Estate, Singapore 117566, Singapore. [Spieler, Andrew C.] Hofstra Univ, Frank G Zarb Sch Business, Dept Finance, Hempstead, NY 11549 USA. Devos, E (reprint author), Univ Texas El Paso, Coll Business Adm, Ellis & Susan Mayfield Chair Business Adm, El Paso, TX 79968 USA.; Devos, E (reprint author), Univ Texas El Paso, Coll Business Adm, Finance, Dept Econ & Finance, El Paso, TX 79968 USA. E-Mail: hdevos@utep.edu; edevos@emich.edu; seong@nus.edu.sg; Andrew.C.Spieler@hofstra.edu

摘要

REITs hold relatively little cash and access capital markets often due to their favorable dividend tax status. The transparent nature of REITs, in theory, implies low information asymmetry. However, we present evidence that this phenomenon is temporal. We find that information asymmetry is relatively low when REITs access the capital markets, when compared to non-accessing periods, based on bid-ask spreads for a large number of REITs. Further, we find that REIT size and turnover affect bid-ask spreads, but the pattern of lower bid-ask spreads surrounding capital market access does manifest itself when we investigate subsamples, dependent on size and turnover. Our findings are consistent with the idea that REITs increase their disclosure when they access the capital markets, which in turn lowers information asymmetry.