This study examines the determinants of mutual fund mergers and their subsequent wealth impact on shareholders of target and acquiring funds. Results indicate significant improvements in postmerger performance and a reduction in expense ratios for target fund shareholders. In contrast, acquiring...

This study examines the liquidity of real estate investment trusts (REITs), as measured by their bid-ask spread. We find that REIT spreads have increased over the period 1986-1990, are inversely related to market capitalization, and are similar in magnitude to spreads on other stocks of...

This paper examines the relations between the number of market makers, trading activity, and price improvement in Nasdaq stocks, using a model motivated by Grossman and Miller (1988). Results indicate a positive relation between the number of market makers and trading frequency, and that...

This study examines the determinants of mutual fund mergers and their subsequent wealth impact on shareholders of acquiring and target funds. Results indicate significant improvements in post-merger performance and a reduction in expense ratios for target fund shareholders. In contrast,...

This study examines the predictability of monthly returns on equity real estate investment trusts (EREITs) over the period 1975?95 and compares it with that for small- and mid-cap firms. Using the time series approach of Jegadeesh (1990), evidence is found that monthly EREIT returns are...

This paper employs stock market-based data to examine the systematic risk and diversification properties of publicly traded equity real estate investment trusts (REITs). A unique data sample is created by combining firm return data with information on their property type holdings and the...

This study examines the determinants of mutual fund mergers and their subsequent wealth impact on shareholders of acquiring and target funds. Results indicate significant improvements in post-merger performance and a reduction in expense ratios for target fund shareholders. In contrast,...

This paper employs stock market-based data to examine the systematic risk and diversification properties of publicly traded equity real estate investment trusts (REITs). A unique sample is created by combining returns with property holdings by type and location. We find that: (1) the systematic...

This paper employs stock market-based data to examine the systematic risk and diversification properties of publicly traded equity real estate investment trusts (REITs). A unique data sample is created by combining firm return data with information on their property type holdings and the...