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Risk and Return on Real Estate : Evidence from Equity REITs
Chan, K.C. - 1990
We analyze monthly returns on an equally-weighted index of 18 to 23 equity (real property) real estate investment trusts (REITs) that were traded on major stock exchanges over the 1973-87 period. We employ a multifactor Arbitrage Pricing Model using prespecified macroeconomic factors. We also...
Persistent link: https://www.econbiz.de/10012475724
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Search for a Common Factor in Public and Private Real Estate Returns
Ang, Andrew - 2013
This paper is no longer available on-line from the NBER. A revised version of the paper has been published as "Searching for a Common Factor in Public and Private Real Estate Returns" in the Journal of Portfolio Management JPM RE 2013, Vol. 39, No. 5: pp. 120-133
Persistent link: https://www.econbiz.de/10012459469
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Corporate Governance and Merger Activity in the U.S : Making Sense of the 1980s and 1990s
Holmstrom, Bengt - 2001
This paper describes and considers explanations for changes in corporate governance and merger activity in the United … States since 1980. Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence … of leveraged buyouts (LBOs) and hostility. After a brief decline in the early 1990s, substantial merger activity resumed …
Persistent link: https://www.econbiz.de/10012470504
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The 'Lemons Effect' in Corporate Freeze-Outs
Bebchuk, Lucian Arye - 1999
In a corporate freeze-out, the controller is required to compensate minority shareholders for the no-freezeout value of their shares that are taken from them. This paper seeks to highlight the difficulties involved in determining this no-freezeout value when private information. In particular,...
Persistent link: https://www.econbiz.de/10012471869
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Alternative Mechanisms for Corporate Control
Morck, Randall - 1988
We examine performance and management characteristics of Fortune 500 firms experiencing one of three types of control change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing internally precipitated management turnover perform...
Persistent link: https://www.econbiz.de/10012476534
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Private Benefits of Control : An International Comparison
Dyck, Alexander - 2002
We construct a measure of the private benefits of control in 39 countries based on 412 control transactions between 1990 and 2000. We find that the value of control ranges between 4% and +65%, with an average of 14 percent. As predicted by theory, in countries where private benefits of control...
Persistent link: https://www.econbiz.de/10012470004
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Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 1995
This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...
Persistent link: https://www.econbiz.de/10012473808
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Foreign direct investment
Froot, Kenneth (ed.) - 1993
Persistent link: https://www.econbiz.de/10000881399
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The Anatomy of a Hospital System Merger : The Patient Did Not Respond Well to Treatment
Gaynor, Martin; Sacarny, Adam; Sadun, Raffaella; … - National Bureau of Economic Research - 2021
Despite the continuing US hospital merger wave, it remains unclear how mergers change, or fail to change, hospital … behavior and performance. We open the "black box" of hospital practices through a mega-merger between two for-profit chains …. Benchmarking the merger's effects against the acquirer's stated aims, we show they achieved some of their goals, harmonizing …
Persistent link: https://www.econbiz.de/10012696358
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A New Era of Midnight Mergers : Antitrust Risk and Investor Disclosures
Barrios, John M.; Wollmann, Thomas G. - National Bureau of Economic Research - 2022
, we present a method for measuring undisclosed merger activity that relies on financial accounting reporting requirements …
Persistent link: https://www.econbiz.de/10012814430