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An Empirical Investigation of Real Estate Divestitures
Stockholm University, Faculty of Social Sciences, School of Business.
Stockholm University, Faculty of Social Sciences, School of Business.
2001 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

This paper examines shareholder wealth effects surrounding announcements of voluntary sell-offs of real estate assets on the Stockholm Stock Exchange during the period 1990 to 2001. For a sample of 47 firms announcing sell-offs, we document a significant 2.3% positive abnormal return at the announcement day. In addition, we divide the sample into two sub-groups based on whether the divesting firm’s business is real estate or not. We find that divesting firms in a non-real estate business experience (sample of 16) a significant positive abnormal return of 2.5%, while those firms in the real estate business (sample of 31) experience a significant positive abnormal return of only 1.9%. Furthermore, we find evidence of a positive correlation between the ratio of the price of the divested real estate asset to the parent firm’s market value and the wealth gains in connection with sell-off announcements.

Place, publisher, year, edition, pages
2001.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:su:diva-2301OAI: oai:DiVA.org:su-2301DiVA: diva2:191239
Uppsok
samhälle/juridik
Available from: 2007-01-05 Created: 2007-01-05

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