This article examines the role of the exchange listing on the initial and aftermarket performance of Initial Public Offerings (IPOs). IPOs on the NASDAQ had larger initial and aftermarket returns when compared to IPOs on the NYSE. These results suggest that it may be important for individual...

Prior research on the impact of REIT ownership on property performance is very limited and provides inconclusive empirical evidence. Whether REITs add value at the microlevel remains a puzzle. Utilizing a dataset of detailed accounting information for individual hotels across 5 US states, we...

This paper examines the impact of option introduction on the returns, volatility, and volume of shares traded of the Real Estate Investment Trusts (REITs) that underlie the new derivative securities. The paper looks at both the initial and then longer term impact on each of these variables and...

This paper examines at-the-market (ATM) equity programs as an additional source of financial flexibility. We find that firms with higher market-to-book ratios and greater institutional ownership are more likely to announce an ATM program. Firms using ATM programs are also more likely to issue...

In this paper we examine how the introduction of traded options impacts the volatility of REITs and whether this impact is consistent with that seen for non-REIT equities. We document a drop in REIT volatility in 1996, just as the availability of options on REITs sees significant growth. REIT...

We examine REITs at the announcement of plans for open market repurchases and determine the impact of these announcements on competing REITs. Consistent with prior research, we find evidence of significant positive returns to the repurchasing firms, on average, at announcement. We do not find...

In 2003, the tax rate on dividends was reduced from 35% to 15%. The crafters of the tax reduction and the popular press have suggested that the corporate response to the tax cut was immediate, and that firms began increasing dividend payments as a result of the lower tax rate soon after the law...