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- W1570630370 abstract "The distribution requirments of a Real Estate Investment Trust (REIT) (95% of income must be distributed as cash dividends) imposes a heavy tax burden on shareholders at the personal level. REIT management is motivated to be involved in acquisitions, which will reduce dividends and thus personal taxes. This paper develops tax motives for REITs to engage in acquisitions. These motives include a) tax benefits from net operating loss carryforwards and b) effective utilization of excess cash. The results show that the market reaction to merger announcement by REIT bidders acquiring REIT or non-REIT targets is positive and significant, which is consistent with the tax explantion. The percentage decline in dividend yield,percentage increase in depreciation, and the percentage increase in cash flow per share are significant. This confirms that the abnormal return may be due to a tax advantage from acquisitions over the period of the study. Abnormal returns were higher for the period of high tax rates relative to periods of lower tax rates, and REIT bidders benefit more from acquiring REIT targets relative to non-REIT targets. The paper also shows that bidders with outside management are associated with higher abnormal returns relative to self-managed REITs. This evidence is not consistent with the increased efficiency arguments. Finally, cash acquisitions are associated with higher abnormal returns relative to security exchanges." @default.
- W1570630370 created "2016-06-24" @default.
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- W1570630370 date "2000-01-01" @default.
- W1570630370 modified "2023-10-12" @default.
- W1570630370 title "The Tax Motives for Untaxed Firms: The Case of Real Estate Investment Trusts (REITS) Acquisitions" @default.
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- W1570630370 doi "https://doi.org/10.2139/ssrn.190948" @default.
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