Wong, Woei-Chyuan; Ong, Seow-Eng; Ooi, Joseph - In: The Journal of Real Estate Finance and Economics 46 (2013) 2, pp. 299-320
This paper tests the significance of sponsors in REIT IPOs viz-a-viz quality certification, signal of firm value, and commitment to alleviate moral hazard concerns. We model the REIT pricing and sponsor share retention decisions within a simultaneous decision framework as motivated by Grinblatt...