25th Annual European Real Estate Society Conference 2018
DOI: 10.15396/eres2018_299
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Do Property Locations Matter to IPO Valuation? Evidence from U.S. REITs

Abstract: 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 di… Show more

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