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The Impact of REIT Ratings on Stock Price and Shareholder Wealth
- Authors
- Beckmann,Klaus S.; Jin, Changha
- Issue Date
- Mar-2013
- Publisher
- GLOBAL SOCIAL SCIENCE INST
- Keywords
- REITs; Investment Strategy; Information Asymmetry; Asset Pricing; Preferred Stock Rating
- Citation
- International Real Estate Review, v.16, no.2, pp.134 - 146
- Indexed
- SCOPUS
- Journal Title
- International Real Estate Review
- Volume
- 16
- Number
- 2
- Start Page
- 134
- End Page
- 146
- ISSN
- 2154-8919
- Abstract
- We have analyzed the market reaction to REIT preferred stock ratings announced by Moody's Investors Service from 1999 to 2009 that are related to four types of rating events; first time ratings, outlook changes, reviews and actual rating changes. The results suggest a significant market reaction to rating upgrades of 1.08% abnormal return, and downgrades and negative outlooks of -2.28% and -2.67% abnormal returns, respectively. Compared to the non-REIT literature, the abnormal returns are smaller in magnitude which implies a relatively smaller information asymmetry within the REIT market with diversification opportunities for global investors.
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Related Researcher
- Jin, Changha
- COLLEGE OF BUSINESS AND ECONOMICS (DEPARTMENT OF ECONOMICS)