This study analyses underpricing in a sample of 41 Real Estate Investment Trusts (REITs) from the Spanish market between November 2013 and January 2019. The results show a significant underpricing on the initial-day (either when we compute raw or market-adjusted initial returns) concentrated in...

This study analyses the impact of the COVID-19 pandemic on Spanish listed REITs during the first wave from both the stock market and the operating performance perspectives. First, we find that the Spanish stock market for REITs reacts with less intensity and later than the rest of the Spanish...

European Union is on a debate about relaxing the market requirements for listed firms in order to attract companies to trade on stock markets. In this context, we study the role of audit committees (AC) in the going public process of Real Estate Investment Trusts (REITs) in the Spanish market...

Since 2013, when the market for REITs started in Spain, the number of these investment vehicles has grown steadily. At the end of 2019, Spanish REITs ranked third in Europe in terms of market capitalisation, and first in terms of the number of REITs (EPRA, 2020). This research investigates the...