This research analyzes a theory of merger financing that indicates that the terms of payment for target shares should be used to optimally influence the postmerger liquidity and capital structure of the combined firm. In an empirical test on a large sample of mergers, the stock market reaction...

This paper examines the risk and return attributes of international real estate equities over the 1980-1988 time period. The empirical results indicate that international real estate equities offer higher returns as well as greater total and systematic risk than U.S.-based REITs. The results...