The information content of method of payment in mergers: Evidence from real estate investment trusts (REITs)

Real Estate Economics

Volumn 29, Issue 3, 2001, Pages 361-387

  Campbell, Robert D ^a   Ghosh, Chinmoy ^b   Sirmans, C F ^b  

^a HOFSTRA UNIVERSITY   (United States)

^b UNIVERSITY OF CONNECTICUT   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0035636802     PISSN: 10808620     EISSN: None     Source Type: Journal    
DOI: 10.1111/1080-8620.00015     Document Type: Article

References (48)

1. Allen, P. R. and C. F. Sirmans. 1987. An Analysis of Gains to Acquiring Firm's Shareholders: The Special Case of REITs. Journal of Financial Economics 18: 175-184.
2. Asquith, P., R. F. Bruner and D. W. Mullins, Jr. 1983. The Gains to Bidding Firms from Merger. Journal of Financial Economics 11: 121-140.
3. Asquith, P. and D. W. Mullins. 1986. Equity Issues and Offering Dilution. Journal of Financial Economics 15: 61-89.
4. Baker, G. P., M. C. Jensen and K. J. Murphy. 1988. Compensation and Incentives: Practice vs. Theory. Journal of Finance 43: 593-615.
5. Blackburn, V. L., J. R. Lang and K. H. Johnson. 1990. Mergers and Shareholder Returns: The Roles of Acquiring Firm's Ownership and Diversification Strategy. Journal of Management 16: 769-784.
6. Bradley, M. 1980. Interfirm Tender Offers and the Market For Corporate Control. Journal of Business 53: 345-376.
7. Bradley, M. A., A. Desai and E. H. Kim. 1988. Synergistic Gains From Corporate Acquisitions and Their Division Between the Stockholders of Target and Acquiring Firms. Journal of Financial Economics 21: 3-40.
8. Bruner, R. F. 1988. The Use of Excess Cash and Debt Capacity as a Motive For Merger. Journal of Financial and Quantitative Analysis 23: 199-217.
9. Chang, S. 1998. Takeovers of Privately Held Targets, Methods of Payment, and Bidder Returns. Journal of Finance 53(2): 773-784.
10. Cohn, H. M., Y. M. Gross and E. A. Pinover. 1996. Mergers & Acquisitions. New York Law Journal 216(111): 7.
11. Damodaran, A., K. John and C. H. Liu. 1997. The Determinants of Organizational Form Changes: Evidence and Implications from Real Estate. Journal of Financial Economics 45: 169-192.
12. DeAngelo, H., L. DeAngelo and E. M. Rice. 1984. Going Private: Minority Freezeouts and Stockholder Wealth. Journal of Law and Economics 28: 367-401.
13. Donaldson, B. 1984. Managing Corporate Wealth. Praeger: New York, NY.
14. Ghosh, A. and W. Ruland. 1998. Managerial Ownership, the Method of Payment for Acquisitions, and Executive Job Retention. Journal of Finance 53(2): 785-797.
15. Hansen, R. G. 1987. A Theory For the Choice of Exchange Medium in Mergers and Acquisitions. Journal of Business 60: 75-95.
16. Hartzell, D., D. Shulman and C. Wurtzebach. 1989. Refining the Analysis of Regional Diversification for Income-Producing Real Estate. Journal of Property Management (July/Aug 1989): 19-24.
17. Hayn, C. 1989. Tax Attributes as Determinants of Shareholder Gains in Corporate Acquisitions. Journal of Financial Economics 23: 121-153.
18. Hertzel, M. and R. L. Smith. 1993. Market Discounts and Shareholder Gains For Placing Equity Privately. Journal of Finance 48: 459-485.
19. Huang, Y. and R. A. Walkling. 1987. Target Abnormal Returns Associated With Acquisition Announcements: Payment, Acquisition Form, and Managerial Resistance. Journal of Financial Economics 19: 329-349.
20. Hyun, M. S. 1993. The Effects of Overpayment and Form of Financing on Bidder Returns in Mergers and Tender Offers. Journal of Financial Research 16: 351-365.
21. Jensen, M. C. 1986. Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review 76: 323-329.
22. Jensen, M. C. and R. S. Ruback. 1983. The Market For Corporate Control: The Scientific Evidence. Journal of Financial Economics 11: 5-50.
23. Kallberg, J. G., C. L. Liu and C. Trzcinka. 2000. The Value Added From Investment Managers: An Examination of Funds of REITs. Journal of Financial and Quantitative Analysis 35(3): 387-408.
24. Kang, Jun-Koo. 1993. The International Market for Corporate Control: Mergers and Acquisitions of U.S. Firms by Japanese Firms. Journal of Financial Economics 34(3): 345-371.
25. Lahey, K. E. and R. L. Conn. 1990. Sensitivity of Acquiring Firms' Returns to Alternative Model Specifications and Disaggregation. Journal of Business Finance and Accounting 17: 421-439.
26. Ling, D. C. and M. Ryngaert. 1997. Valuation, Uncertainty, Institutional Involvement, and the Underpricing of IPOs: The Case of REITs. Journal of Financial Economics 43: 433-456.
27. Loderer, C. and K. Martin. 1990. Corporate Acquisitions by Listed Firms: The Experience of a Comprehensive Sample. Financial Management 19(4): 17-33.
28. MacKinnon, J. G. and H. White. 1985. Some Heteroscedasticity-Consistent Covariance Estimators With Improved Finite Sample Properties. Journal of Econometrics 29: 305-325.
29. Maloney, M. T., R. E. McCormick and M. L. Mitchell. 1993. Managerial Decision-Making and Capital Structure. Journal of Business 66(2): 189-217.
30. Masulis, R. W. and A. N. Korwar. 1986. Seasoned Equity Offerings: An Empirical Investigation. Journal of Financial Economics 15: 91-118.
31. McIntosh, W., D. T. Officer and J. A. Born. 1989. The Wealth Effects of Merger Activities: Further Evidence from Real Estate Investment Trusts. Journal of Real Estate Research 4: 141-155.
32. Mikkelson, W. H. and M. M. Partch. 1986. Valuation Effects of Security Offerings and the Issuance Process. Journal of Financial Economics 15: 31-60.
33. Mikkelson, W. H. and M. M. Partch. 1988. Withdrawn Security Offerings. Journal of Financial and Quantitative Analysis 23(2): 119-133.
34. Miles, M. E. and T. E. McCue. 1982. Historical Returns and Institutional Real Estate Portfolios. AREUEA Journal 10(2): 184-204.
35. Morck, R., A. Shleifer and R. Vishny. 1990. Do Managerial Objectives Drive Bad Acquisitions? Journal of Finance 45: 31-48.
36. Myers, S. C. and N. S. Majluf. 1984. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics 13: 187-221.
37. Napoli, J. P. and J. F. Smith. 1999. Emerging Issues In UPREIT Transactions. Journal of Real Estate Taxation 26(3): 187-212.
38. PR Newswire. 1998. Brandywine Realty Trust Acquires Donald E. Axinn Companies. July 27: PRN 9820812405.
39. Rappaport, A. and M. L. Sirower. 1999. Stock or Cash? The Trade-Offs For Buyers and Sellers in Mergers and Acquisitions. Harvard Business Review 77(6): 147-158.
40. Servaes, H. 1991. Tobin's Q and the Gains From Takeovers. Journal of Finance 46: 409-419.
41. Shleifer, A. and R. W. Vishny. 1986. Large Shareholders and Corporate Control. Journal of Political Economy 95: 461-488.
42. Shleifer, A. and R. W. Vishny. 1988. Value Maximization and the Acquisition Process. Journal of Economic Perspectives 2: 461-488.
43. Shleifer, A. and R. W. Vishny. 1997. A Survey of Corporate Governance. Journal of Finance 52: 737-783.
44. Singh, H., and C. A. Montgomery. 1987. Corporate Acquisition Strategies and Economic Performance. Strategic Management Journal 8: 377-386.
45. Stulz, R. 1990. Managerial Discretion and Optimal Financing Policies. Journal of Financial Economics 26: 3-28.
46. Travlos, N. G. 1987. Corporate Takeover Bids, Methods of Payment, and Bidding Firms' Stock Returns. Journal of Finance 42: 943-963.
47. Wansley, J. W., W. R. Lane and H. C. Yang. 1987. Gains to Bidder Firms in Cash and Securities Transactions. The Financial Review 22(4): 403-414.
48. Wruck, K. H. 1989. Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financing. Journal of Financial Economics 23: 3-28.