Capital Structure Theory and REIT Security Offerings
研究房地产投资信托（REIT）宣布新证券发行时的股价反应，发现债务发行有正面效应，而股权发行有负面效应，并用信号理论解释债务发行的正面效应。
ABSTRACT In this paper, we examine the stock price reactions to announcements of new security offerings by Real Estate Investment Trusts (REITs). REITs offer a unique setting in which to study these events because they do not pay taxes at the firm level. Theory suggests that the net tax gain to corporate borrowing is unambiguously negative for a REIT. Contrary to some recent studies, however, we find a positive stock price reaction to debt offerings, while the negative equity‐issuance effect is preserved. Further empirical evidence lends support to signalling as the explanation for the positive significant debt‐issuance effect.