Print Email Facebook Twitter The Performance of REIT Acquirers in the Post-Merger Period Part of: ERES 2017: 24th Annual Conference of the European Real Estate Society· list the conference papers Title The Performance of REIT Acquirers in the Post-Merger Period Author Ratcliffe, Chris Dimovski, Bill Keneley, Monica Date 2017-07-01 Abstract Mergers and acquisitions are a feature of modern economies. However, research on conventional bidding firms in mergers and acquisitions (M&As) has shown, on average, shareholders are worse off in the long-run (Alexandridis, Mavrovitis and Travlos, 2012). This study examines the long-term post merger performance of US Equity Real Estate Investment Trusts (REITs) to see if this underperformance extends to the largest REIT sector in the world. In contrast to the earlier REIT data samples used by Campbell, Giambona and Sirmans (2009), we find, prior to the macroeconomic event of the financial crisis, that existing shareholders of bidding firms earn significant and positive abnormal returns. This outcome supports the synergy motive for M&As in the REIT sector. Results from announcements occurring after the onset of the financial crisis show signs of negative and significant abnormal returns, suggesting these M&As were driven by the agency and/or hubris motive. Subject Post-merger abnormal returnsREITsEquity REITsMergers and Acquisitions To reference this document use: http://resolver.tudelft.nl/uuid:00cfc0f5-16d2-45b9-9f39-b2e3d5e34d61 Part of collection Conference proceedings Document type conference paper Rights (c) 2017 The Author(s) Files PDF 18 The Performance of REI ... Period.pdf 252.65 KB Close viewer /islandora/object/uuid:00cfc0f5-16d2-45b9-9f39-b2e3d5e34d61/datastream/OBJ/view