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首页> 外文期刊>Journal of Real Estate Portfolio Management >Quiet Period REIT Returns
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Quiet Period REIT Returns

机译：安静期房地产投资信托回报

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摘要

Excess returns around the expiration of the IPO quiet period documented for industrial IPOs are minimal for REITs, supporting the argument that REITs are more transparent than other firms. The existence of analyst coverage im-pacts quiet period returns for REITs only during the pre-bubble period when coverage is less comprehensive. The frequency of analyst reconmmendations issued immediately after the quiet period for REITs is lower than for industrial IPOs, which again suggests greater REIT transparencv since there is an implied lower need for coverage. Recommendations in numher and in simple buy or sell categorization have a slight impact on relurns. With marginal statistical significance, the small numher of firms followed by four or more analysts posts excess returns while the very small numher of firms with no buy recommendations posts negative excess returns.
机译：REITs记录的工业IPO IPO静默期届满后的超额收益极少，这支持了REITs比其他公司更透明的论点。分析师覆盖率的存在仅在覆盖范围较不全面的泡沫前期就使房地产投资信托基金获得了平静期回报。在房地产投资信托淡静后立即发布分析师建议的频率低于工业IPO，这再次表明房地产投资信托的透明度更高，因为隐含的对证券的需求较低。数量建议和简单的买入或卖出分类都对推荐有轻微的影响。具有边际统计意义，少量的公司紧随其后的是四名或以上的分析师，他们发布了超额收益，而很少的没有购买建议的公司则发布了负的超额收益。

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