How Much Do REITs Pay for Their IPOs ?

    Abstract

    Previous studies document the reversal in the initial returns of REIT IPOs from overpricing in the 1980s to underpricing in the 1990s. Simultaneously, the gross spreads of REIT IPOs decrease significantly in the 1990s. We attribute the conversion of the spreads and initial returns of REIT IPOs to REIT structure change. Our study concludes that the major… (More)

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