An Analysis of the Acquisition and Disposition of Real Estate Assets
An Analysis of the Acquisition and Disposition of Real Estate Assets
复制标题
房地产资产的收购与处置分析
DOI：
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发表时间：
1989
影响因子：
0.8
通讯作者：
C. Sirmans
中科院分区：
文献类型：
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作者：
J. Glascock;W. Davidson;C. Sirmans
本研究研究了1981-1986年间非房地产企业对房地产资产的收购和处置情况。与以前对房地产资产的研究相反，我们没有发现与房地产资产买家相关的异常表现，只有微弱的证据表明卖家获得了超额回报。将我们的结果与之前的工作结合起来，我们得出结论，房地产资产本身并没有为市场提供赚取超额回报的独特机会。然而，似乎选定的组织形式可能是管理一些房地产资产的首选形式。因此，当房地产资产的收购或处置没有改变资产的管理结构时，如本研究所述，没有发现超额收益。我们的研究受到可供分析的卖家数量相对较少的限制。
This research studies the acquisition and disposition of real estate assets by non-real estate firms from 1981 through 1986. Contrary to previous studies of real estate assets, we find no abnormal performance associated with the buyers of real estate assets and only weak evidence of excess returns for sellers. When combining our results with previous work, we conclude that real estate assets themselves offer the market no unique opportunity to earn excess return. However, it appears that selected organizational forms may be preferred for managing some real estate assets. Thus, when the acquisition or disposition of a realty asset has no change in the management structure of the assets, as in this study, no excess return is found. Our study is limited by the relatively small number of sellers available for analysis.