Asset Growth and Stock Performance: Evidence from REITs
研究了308只公开交易的REITs，发现资产增长快的REITs未来股票表现较差，但溢价交易时负效应减弱，且增长效应仅出现在未来12个月发行股票的REITs中，提示股权稀释可能是原因。
Abstract In this article, we examine the impact of asset growth rates on the future stock performance of 308 publicly traded real estate investment trusts (REITs). We observe that fast‐growing REITs tend to underperform slow growing REITs. However, we find evidence that the growth effect is significantly less negative for REITs selling at a premium to net asset value. In addition, we observe the asset growth effect only in the subsample of REITs that engages in equity issuance over the next 12 months. The combined evidence suggests contemporaneous equity dilution, which has not been considered in previous studies, may provide an explanation for the underperformance of fast‐growing firms.