Shareholder Activism in REITs
研究发现2006-2015年间，权益型REITs被股东积极主义者盯上的概率与非REIT上市公司相当，且活动特征、决定因素和价值影响也相似，挑战了传统观点。
Abstract Conventional wisdom suggests that shareholder activism in REITs is less prevalent than in other (non‐REIT) public firms because of stronger barriers to hostile takeovers and potentially less undervaluation. Our results, however, suggest that the conventional wisdom does not hold. Specifically, we find that in 2006–2015, Equity REITs (EREITs) are as likely to be targeted by shareholder activists as non‐EREITs. We also find that shareholder campaign characteristics and determinants, as well as their value consequences, appear similar for EREITs and non‐EREITs. Given that this is the first study to examine shareholder activism in REITs, we raise several questions for future research.