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

@article{Hartzell2008TheRO,
  title={The Role of Corporate Governance in Initial Public Offerings: Evidence from Real Estate Investment Trusts},
  author={Jay C. Hartzell and J. Kallberg and Crocker H. Liu},
  journal={The Journal of Law and Economics},
  year={2008},
  volume={51},
  pages={539 - 562}
}
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 REITs in particular reduces potentially confounding effects due to differences in risk, transparency… Expand
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