Value Relevance of Investment Properties’ Fair Value and Board Characteristics in Malaysian Real Estate Investment Trusts

Preliminary and Incomplete Deviations between Stock Price and Fundamental Value for Real Estate Investment Trusts

We document that real estate investment trust (REIT) stock prices deviate from net asset values (NAV), as measured by Green Street Advisors, a buy-side research firm. Using REIT data since 1990, we find large positive excess returns to a strategy of buying stocks that trade at a discount to NAV, and shorting stocks trading at a premium to NAV. Estimated alphas are between 1.2% and 1.8% per mont...

Comments Welcome Insider Ownership and Corporate Value: Evidences from Real Estate Investment Trusts

Real estate investment trusts (REITs) provides us a unique laboratory to study the relation between insider ownership and ̄rm value, since REITs have to satisfy special regulations which render alternative mechanisms to control agency problems ine®ective. After controlling for unobserved ̄rm heterogeneity, we still ̄nd a signi ̄cant nonlinear relation between REIT insider ownership and Tobin's Q...

CROSS LISTING OF REAL ESTATE INVESTMENT TRUSTS (REITs)

The Role of Corporate Governance in Initial Public Offerings: Evidence from Real Estate Investment Trusts

This study analyzes the impact of corporate governance structures at the initial public offering (IPO) date. We test hypotheses that firms with more shareholder-oriented governance structures receive higher valuations at the IPO stage and have better long-term performance. Our sample is a set of 107 IPOs of real estate investment trusts (REITs) between 1991 and 1998. Using a single industry and...

Information Processing and Stock Market Volatility - Evidence from Real Estate Investment Trusts

This study proposes novel measurements of investor psychology utilizing Big Data and reveals the impact of different measures on asset price volatility. We construct a news sentiment measure based on news articles reflecting information supply. News content is transformed into quantitative data utilizing sentiment analysis. We further investigate a metric for investor attention based on search ...