Anomalous Evidence on Operating Performance Following Seasoned Equity Offerings: The Case of REITs
研究1990-1996年间200只权益型REITs在增发后的经营业绩变化，发现其业绩未像普通公司那样下滑，而是持平或上升，并将此归因于REITs内部资本受限的结构差异。
We examine the operating performance of 200 equity real estate investment trusts (REITs) following seasoned equity offerings (SEO) made between 1990 and 1996. Our sample shows flat to increasing levels of operating performance changes prior to the SEO; and increasing raw performance changes and flat industry-adjusted performance changes following the SEO. Cross-sectional test results on the operating performance changes are consistent with existing theory. Our results contrast with industrial firm results, where performance changes are negative following an SEO. We attribute this difference to structural differences in REITs that limit the levels of internal capital available to REIT managers.