Initial Public Offerings and Real Estate Investment Trusts

Released on by Sandra F. Holsonback
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  • Initial Public Offerings and Real Estate Investment Trusts Book Detail

  • Author : Sandra F. Holsonback
  • Release Date : 2003
  • Publisher :
  • Genre : Going public (Securities)
  • Pages : 262
  • ISBN 13 :
  • File Size : 38,38 MB
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Initial Public Offerings and Real Estate Investment Trusts by Sandra F. Holsonback PDF Summary

Book Description: Initial Public Offerings (IPOs) are financial vehicles whereby firms can raise capital through public markets. These vehicles increased in importance in the 1990's when financial institutions were reluctant to lend money, especially to young or unestablished firms. Private real estate companies, hampered by these tight credit markets, formed Real Estate Investment Trusts (REITs), a public entity. REIT IPOs trade on the same markets and are subject to the same SEC regulations as equity stocks, but the lack luster behavior of their initial stock offerings is opposite to large initial day returns exhibited by equity stocks. In proposing that underpricing is a strategy utilized by the firm and the underwriter, this study, comparing IPOs of four industries: retail, manufacturer of communication equipment, software development, and REITs, validates the theory of asymmetric information, whereby investors are compensated for risk through underpricing.

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This work provides the investing public, real estate practitioners, regulators and real estate and finance academics with up-to-date information on what modern

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