Does A Firm's Entry or Exit Affect Competitors’ Value? Evidence from the REIT Industry
分析了483个进入和439个退出事件，发现市场中REIT数量的变化会影响竞争对手的股票表现，并区分了不同进入退出模式和资产类型，表明供给效应在考虑信号和价格压力后仍对股价有影响。
Abstract We analyze 483 entry and 439 exit events of publicly traded real estate investment trusts (REITs) and find that changes in the number of REITs in the market affect rival REITs’ stock performance. We also partition the sample by the modes of entries and exits as well as by REIT asset type in order to disentangle alternative explanations. Overall, our evidence indicates that the supply effect still matters for stock prices even after considering signaling and price pressure explanations.