This study examines whether the announcement of REIT open-market stock repurchase programs contain information content about future operating performance over the period 1990-2001. We find no evidence that REIT stock buybacks are positively related to the operating performance. In fact, the...

This study examines the motive of stock splits made by REITs. We find that REIT liquidity increases after the split announcement. However, the increase in liquidity is limited to days around the split announcement. After the ex-date, the liquidity tends to revert back to the pre-split level. We...