Search results for "Real estate investment trust"
showing 3 items of 3 documents
Cap Rate as the Interpretative Variable of the Urban Real Estate Capital Asset: A Comparison of Different Sub‐Market Definitions in Palermo, Italy
2017
Real estate capital is in constant competition with other capital assets due to its different and complementary economic functions such as direct use, productive investment, and speculative investment. These features and the resulting opportunities cannot be easily deduced from direct observation of the real estate markets, so some further insights need to be carried out in order to highlight the relationship between prices, rents and performances. This study aims at providing a multifaceted perspective of a specific urban real estate market to overcome the difficulties arising from opacities and informative asymmetries that hinder the decision of investors, by facilitating the comparison o…
Financing Model Optimization of Lanzhou Yatai Group Real Estate Project
2014
Lanzhou Yatai Group, as the first listed real estate companies, occupies absolute advantage in the competition of the industry. Especially because of Lanzhou National Economic Development District, Yaitai Group focuses Lanzhou new area asthe target of the advantages and great location. With the business development and planning, the company will also create Lanzhou Yaitai Group Technology Headquarters before 2016, and also will be followed by the huge business opportunities in the real estate industry driven by the financial industry, service industry, catering industry, and the education industry as well. At the same time, the asset number of investment companies in the new district has re…
The Underpricing of Spanish REITs When Going Public
2019
This study analyses underpricing in a sample of 41 Real Estate Investment Trusts (REITs) from the Spanish market between November 2013 and January 2019. The results show a significant underpricing on the initial-day (either when we compute raw or market-adjusted initial returns) concentrated in the primary market. Besides, price adjustment continues until the third day as we find significant raw and market-adjusted buy-and-hold returns. This underpricing is not accounted for by the theories of information asymmetry but instead by some signalling theories related to capital structure, by the pre-listing stock market conditions and by the peculiarities of the market analysed.