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  • 1
    Electronic Resource
    Electronic Resource
    The Information Content of Method of Payment in Mergers: Evidence from Real Estate Investment Trusts (REITs) (2001)
    Boston, USA and Oxford, UK : Blackwell Publishers Inc
    Real estate economics 29 (2001), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We provide evidence on the information content of the method of payment in mergers by examining shareholder returns in a sample of REIT mergers over the period 1994–1998. When the target firm is publicly held, we find that transactions are always stock-financed, and that acquiring firm shareholders sustain small negative returns around the announcement date. When the target is privately held, cash financing, mixed (stock and cash) financing, and placement of blocks of acquirer stock with target owners are more prevalent. Acquirer returns are positive in stock-financed mergers when the target is private, which is consistent with both the information signaling and monitoring by blockholders hypotheses. Further analysis supports the information signaling hypothesis as the dominant explanation. The effects of other explanatory variables are similar whether the target is public or private. Most significantly, acquiring shareholder returns are negatively related to the acquirer's size, but positively related to the acquirer's use of the UPREIT organizational structure. The positive wealth effects of the UPREIT structure are not fully explained as the capitalization of tax benefits.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1080-8620.00015
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  • 2
    Electronic Resource
    Electronic Resource
    Wealth Effects of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions (2003)
    Boston, USA and Oxford, UK : Blackwell Publishing, Inc.
    Real estate economics 31 (2003), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study examines the strategic characteristics and shareholder wealth effects of a popular vehicle for Real Estate Investment Trust growth in the 1990s: the acquisition of a portfolio of properties from a single seller. We examine a sample of 209 REIT portfolio acquisitions during 1995-2001. We observe a wide variety of financing strategies and find an array of different categories of sellers. Contrary to results reported in real estate transactions of this sort in the past, we find that announcement-period shareholder returns are significantly positive in the aggregate. We present evidence that excess returns to acquirers result from (1) wealth benefits received when companies reconfirm their geographical focus in the acquisition, (2) positive information conveyed by the use of project-specific private debt and (3) a positive signal sent to the market when transactions are financed by stock privately placed with financial institutions.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00069
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    Paper (German National Licenses)
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  • 3
    Electronic Resource
    Electronic Resource
    Policy implications of structural options in the development of real estate investment trusts in Europe: Lessons from the American experience (2002)
    Bradford, West Yorkshire [u.a.] : Emerald
    Journal of property investment & finance 20 (2002), S. 388-405 
    Details
    ISSN: 1463-578X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: This is a policy paper that examines the most important issues that must be addressed in designing the institutional structure for tax-advantaged public real estate companies in Europe. The real estate investment trust form of corporate structure was first created in the USA in 1960. In Europe, the real estate invstment trust (REIT) regime has been authorized only in The Netherlands, and very recently in Belgium. However, the establishment of REIT-like public investment vehicles is under discussion in the UK, and in several Continental European nations. Advocates of European REITs believe that these investment vehicles would reduce costs of capital, improve liquidity in local real estate markets, and promote more efficient allocation of capital. European countries that are moving toward the establishment of REITs face a series of important decisions regarding the features of the institutional environment in which these firms will operate. This paper summarizes the most important decisions that must be made, and considers the policy implications of each. We conclude that the US model should not be adopted uncritically in Europe; instead, structural options should be considered carefully. Problems of international taxation are identified, and the possible development of a pan-European REIT structure is discussed.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/14635780210435065
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    Paper (German National Licenses)
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  • 4
    Electronic Resource
    Electronic Resource
    Plant regeneration from barley callus: Effects of 2,4-dichlorophenoxyacetic acid and phenylacetic acid (1995)
    Springer
    Plant cell, tissue and organ culture 43 (1995), S. 229-235 
    Details
    ISSN: 1573-5044
    Keywords: Albinism ; Hordeum vulgare L. ; somaclonal variation ; totipotency
    Source: Springer Online Journal Archives 1860-2000
    Topics: Biology
    Notes: Abstract The use of the synthetic auxin 2,4-dichlorophenoxyacetic acid (2,4-d) has played an important role in the production and maintenance of totipotent cereal callus. However, 2,4-d has been implicated in the loss of totipotency from barley callus. To examine the effect of 2,4-d on barley callus, regenerability and karyotype were examined over time as influenced by cultivar differences and 2,4-d levels, during a period in which initially vigorous plant regeneration typically declines dramatically. Higher (20.4–27.1 μM) versus lower (6.8–13.6 μM) concentrations of 2,4-d were positively associated with the number of green plantlets recovered from calli maintained for 10 and 16 weeks before transfer to regeneration media, and with the longevity of regenerability. There was a positive relationship between 2,4-d concentration and normal karyotype. We also investigated the use of phenylacetic acid for the initiation of regenerable barley callus. Very poor callus growth and plant regeneration was supported by phenylacetic acid.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00039949
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    Paper (German National Licenses)
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