This study examines the determinants of direct costs for REIT seasoned equity offerings. These costs are not related to information asymmetries, unlike non-REIT firms. Gross spreads vary inversely with stock liquidity, price, and industry activity. Concerning REIT-specific heterogeneity, gross...

We examine primary and secondary market returns for REIT initial public offerings (IPOs). Consistent with theories regarding compensation for information production during the roadshow, we find offer-to-open returns are directly related to partial adjustment and are significantly lower for REITs...