Author: Willard McIntosh, Dennis T. Officer, and Jeffrey A. Born

Start Page: 141
End Page: 156
Volume: 4
Issue Number: 3
Year: 1989
Publication: Journal of Real Estate Research

Abstract: This paper examines the effect of merger announcements on target firm shareholder wealth. The sample is limited to Real Estate Investment Trust (REIT) targets. Previous corporate acquisition studies report strong pre-announcement and announcement day price appreciation for target firms. Significant positive abnormal returns are detected for the REIT targets at announcement but not during the pre-announcement period.