• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>The Journal of real estate finance and economics >Information Uncertainty and the Post-Earnings-Announcement Drift Anomaly: Insights from REITs
【24h】

Information Uncertainty and the Post-Earnings-Announcement Drift Anomaly: Insights from REITs

机译：信息不确定性和盈余公布后的漂移异常：房地产投资信托基金的见解

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This is the first study to examine the post-earnings-announcement drift anomaly in a Real Estate Investment Trust (REIT) context. The efficient markets hypothesis suggests that unexpected earnings should be fully incorporated into asset prices soon after being publicly announced. We hypothesize that publicly announced earnings signals may be more certain for REITs due to the presence of a parallel (private) asset market, suggesting less drift for REIT stocks. However, we find a large REIT drift component that is both statistically and economically significant. Furthermore, while the initial earnings surprise response is more muted for REITs, we find that the magnitude of the drift is significantly larger for REITs than for ordinary common stocks (NonREITs). Thus, information does not appear to move between the private and public asset markets in such a way as to render REIT earnings signals more certain than NonREIT earnings signals.
机译：这是第一个研究房地产投资信托（REIT）情况下的公告后公告漂移异常的研究。有效的市场假说表明，意外收益应在公开宣布后立即完全纳入资产价格。我们假设由于存在平行（私有）资产市场，公开宣布的REIT收益信号可能更加确定，这表明REIT股票的漂移较小。但是，我们发现一个巨大的REIT漂移成分在统计和经济上均具有重要意义。此外，尽管房地产投资信托基金的初始收益突击反应更加平缓，但我们发现房地产投资信托基金的漂移幅度明显大于普通普通股（NonREITs）。因此，信息在私人和公共资产市场之间似乎不会以使REIT收益信号比NonREIT收益信号更确定的方式移动。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号