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- W2056483345 abstract "We examine the wealth effects of fifty-six Australian Real Estate Investment Trusts (A-REITs) acquirers around the announcement date of a merger and acquisition over the period of 1996 to 2010. Utilising event study methodology we find that bidding A-REITs earn positive and significant cumulative excess returns (CARs) of +0.966% around the three-day announcement period [-1,+1]. Analysis also indicates bidding firms earn higher CARs when the acquisition is financed by scrip and/or a combination of scrip and cash. Consistent with prior REIT research, event study results show that A-REIT acquirers earn higher excess returns when the target is private as compared to a public target, +2.834% and +0.457% respectively. Further investigation, employing regression analysis, shows book-to-market ratio has a negative impact on bidding firms CARs, suggesting low (high) book-to-market ratio firms are overvalued (undervalued). We also find that specialisation by property type has a positive and significant influence on bidder excess returns. Finally, our results show support for the method of payment findings in the event study, with method of payment returning a negative and significant impact on bidder CARs." @default.
- W2056483345 created "2016-06-24" @default.
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- W2056483345 date "2011-06-15" @default.
- W2056483345 modified "2023-09-27" @default.
- W2056483345 title "Areit Bidder Returns an Evaluation of Public and Private Targets and Method of Payment" @default.
- W2056483345 doi "https://doi.org/10.15396/eres2011_45" @default.
- W2056483345 hasPublicationYear "2011" @default.
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