Purpose This paper aims to analyze the effects on shareholder value caused by the announcement of seasoned equity offerings (SEOs) by real estate firms from 12 European countries. Design/methodology/approach A 4-factor model event study is conducted to assess the impact of SEO announcements on...

Friedrich Hayek conjectured that the free enterprise system is the most effective in making discoveries, and Israel Kirzner refines the conjecture by saying that profit opportunities evoke entrepreneurial discovery. Demmert and Klein (2003) present the first attempt to demonstrate the...

Purpose – A substantial minority of bidding firms disclose synergy forecasts during mergers and acquisitions (M&A). Using these hand‐collected synergy announcements, the purpose of this paper is to investigate synergy characteristics as well as explore their shareholder wealth effects within...

Purpose – Real estate finance institutions as well as the mortgage banking landscape have undergone a profound restructuring since the late 1980s. This study seeks to examine the value implications of 69 domestic and cross‐border merger and acquisition (M&A) deals of exchange‐listed real...

Purpose – The purpose of this paper is to provide evidence for the ongoing significant underpricing of European property IPOs. Design/methodology/approach – The paper provides recent evidence on underpricing for a comprehensive data set of 105 IPOs of European property companies. It starts...

Purpose – This paper investigates the link between equity and credit markets for the government‐sponsored mortgage institutions, Fannie Mae and Freddie Mac, during the period from January 2007 until December 2008. Before the financial crisis, investors perceived these real estate finance...