The Intra-Industry Effects of REIT Dividend Announcements
Author/s: Ming-Long Lee, Chia-Wei Lin, Kevin C. H. Chiang, Shew-Huei Kuo
Date Published: 1/01/2012
Published in: Volume 18 - 2012 Issue 1 (pages 35 - 48)
Abstract
This study investigates the intra-industry effects of cash dividend announcements for U.S. real estate investment trusts (REITs). That is, based on the market model framework, this study examines whether a change in an announcing REIT’s dividends has information externality on its peers/rivals. Our results suggest that REIT dividend announcements have contagion effects. In addition, consistent with the existing literature, these contagion effects are found to be asymmetric and more prevalent for dividend-decreasing events.Download Full Article
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Keywords
Contagion Effect - Dividend - Intra-Industry Effect - ReitReferences
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