Are REIT IPOs Unique? The Global Evidence

Chan, Su Han; Chen, Jiajin; Wang, Ко

doi:10.1007/s11146-013-9428-x

Cited by 27 publications

(60 citation statements)

References 42 publications

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“…O retorno dos REIT no primeiro dia de negociação é baixo e bem inferior ao das ações. As ofertas iniciais de REIT ocorrem em ondas, os maiores retornos coincidem com os períodos de mercado mais aquecido e, não raro, são negativos, concluíram Chan et al (2013), ao estudarem 370 REIT em 14 países (Estados Unidos, Austrália, Japão, Coreia do Sul, Cingapura, Tailândia, Taiwan, Malásia, Hong Kong, Turquia, Bélgica, França, Reino Unido e Canadá).…”

Section: Fundos De Investimento Imobiliáriounclassified

Diversificação dos Fundos de Investimento Imobiliário brasileiros

Moraes

Serra

2017

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Este é um artigo de acesso aberto, licenciado por Creative Commons Atribuição 4.0 Internacional (CC BY 4.0), sendo permitidas reprodução, adaptação e distribuição desde que o autor e a fonte originais sejam creditados. RESUMOOs Fundos de Investimento Imobiliário (FII) são uma classe de ativos recente no mercado de capitais brasileiro, que, apesar de poderem ser negociados na bolsa tal como ações, são bem distintos das mesmas. Os investidores e acadêmicos deveriam se inteirar dessas particularidades. No Brasil, a academia apenas recentemente tem se dedicado a estudá-los. Uma das questões que se coloca, e que norteia o objetivo do presente estudo, é a de quais fatores levam os FII listados em bolsa a serem mais ou menos diversificados, ou seja, apresentarem menor ou maior risco diversificável. As hipóteses testadas consideram que (i) o tamanho do fundo de investimento imobiliário, (ii) o número de imóveis ou (iii) a concentração dos imóveis explicam a maior ou menor diversificação do fundo. Estudou-se 22 FII multiativos listados na Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA) em dezembro de 2015. Os resultados indicam que os fundos maiores são mais diversificados. A quantidade de imóveis e a concentração dos imóveis não foram significantes na explicação da diversificação dos FII. As limitações do estudo são a pequena quantidade de fundos analisados (apenas 24 dos 127 fundos listados são multiativos, 2 deles considerados outliers) e a análise em apenas um período (devido ao pequeno histórico dos FII).Palavras-chave: fundo de investimento imobiliário, diversificação, tamanho. ABSTRACTReal Estate Investment Trusts (REITs) are a recent class of securities in the Brazilian capital markets, which, notwithstanding the fact that they can be traded in the stock exchange, are very different from stocks. Academics and practitioners should become aware of such particularities. In Brazil research has been devoted to study them just recently. One question that arises, and that guides the objective of this study, is what factors lead the REITs listed on the stock exchange to be more or less diversified, or, have lower or higher diversifiable risk. The research hypotheses are that (i) size of the real estate investment trust, (ii) number of properties or (iii) concentration of the properties explain the greater or lesser diversification of the fund. The 22 multi-properties REITs listed on the stock exchange in December 2015 have been studied. The results indicate that larger funds are more diversified. The number of properties and the concentration of properties are not significant to explain funds' diversification. The limitations of this study are

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Section: Fundos De Investimento Imobiliáriounclassified

Diversificação dos Fundos de Investimento Imobiliário brasileiros

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Serra

2017

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“…The average market-adjusted initial return for our full sample (171 IPOs) is 3.70%. This is greater than the average initial return of 2.79% recorded by Chan et al (2013) for 1996 to 11 Most U.S. studies in the 90s find that IPOs backed by venture capital firms experience lower levels of IPO underpricing. However, more recent studies as well as many international studies, such as Guo, Lev, and Shi (2006), have recorded mixed results.…”

Section: Data and Summary Statisticsmentioning

confidence: 69%

“…S. H. Chan, Chen, and Wang (2013) Chan et al (2013) argue that the deadweight cost model proposed by S. H. Chan et al (2009) represents the most suitable option. This model does not require an assumption of information asymmetry and it actually works together with theories such as the fund-like structure and the underlying real asset holdings of REITs.…”

Section: Existing Literature On Ipos and Diversificationmentioning

confidence: 99%

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Do Property Locations Matter to IPO Valuation? Evidence from U.S. REITs

Zheng¹,

Ling²,

Marcato³

2018

25th Annual European Real Estate Society Conference

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Following the recent developments in the asset pricing literature of geographic diversification, we abandon classic theories based on information asymmetry and explain the short-run performance of REIT IPOs over history though an investor base mechanism.We analyse the US market and find evidence that issuers are less likely to underprice (or more likely to overprice) when the REIT is more diversified and therefore the investor base is bigger. Even if both types of diversification are significant, geographic diversification shows a stronger impact on initial returns than property-type diversification. Our argument and the deadweight cost theory complement each other as lower deadweight cost associated with the IPO weakens the influence of the geographic diversification on the initial returns of IPOs. Our results are robust to different measures of private market returns and time fixed effects. In the end we show that a Herfindahl index should be preferred as a measure of geographic diversification, which is not the case for property-type diversification.

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“…Chan, Chen and Wang () report that the mean initial‐day return of 323 IPOs issued in the United States during the 1971–2010 period is 0.97%.…”

mentioning

confidence: 99%

Does A Firm's Entry or Exit Affect Competitors’ Value? Evidence from the REIT Industry

Chan

Chen

Wang

2018

Real Estate Economics

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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. 1 However, Denis et al. (2003) document that the stocks of companies newly added to the S&P Index experience significant increases in earnings per share forecasts, as well as significant improvements in realized earnings. Their results seem to indicate that S&P Index inclusion is not an information-free event.

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Are REIT IPOs Unique? The Global Evidence

Cited by 27 publications

References 42 publications

Diversificação dos Fundos de Investimento Imobiliário brasileiros

Diversificação dos Fundos de Investimento Imobiliário brasileiros

Do Property Locations Matter to IPO Valuation? Evidence from U.S. REITs

Does A Firm's Entry or Exit Affect Competitors’ Value? Evidence from the REIT Industry

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