Financial Flexibility and Investment: Evidence from REIT At‐the‐Market (ATM) Equity Offerings
研究了权益型REITs设立市价发行（ATM）股权计划后投资率的变化，发现ATM计划显著提升投资率，但对财务约束更强的REITs影响不同，且ATM计划带来长期超额回报。
Abstract This article examines changes in real estate investment around the establishment of at‐the‐market (ATM) equity programs by equity REITs. We document a significant increase in the rate of investment following an ATM program announcement and its subsequent use. However, we find that ATM access has a differential impact on the investment activity of REITs facing more significant financial constraints. We also provide further evidence that REITs with ATM programs generate positive long‐run returns in excess of that of similarly timed SEOs.