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A Study on the Effect of Real Estate Acquisitions and Sales on Firm Value

부동산 취득 및 처분이 기업가치에 미치는 영향에 관한 연구

  • Received : 2018.05.08
  • Accepted : 2018.06.26
  • Published : 2018.07.28

Abstract

This study examines both the announcement effect of corporate real estate acquisitions and sales and long-term stock performance. Also, we analyze long-term stock returns on the basis of the amount and the purpose (business activities, financial activities, etc.) of real estate acquisitions and sales. The major findings are as follow. First, we find that there is no significant announcement effect on the real estate acquisitions. However, the announcement day of real estate sales shows significantly positive abnormal stock returns. Second, we find that both the real estate acquisitions and sales show negative long-term stock performance. We also find the same results from the case where we classify our sample on the basis of the amount and the purpose of real estate acquisitions and sales. Third, the amount of real estate acquisitions is significantly negatively related to long-term stock returns, whereas the relation between firm value and the amount of real estate sales is positive only under the business activities. Overall, long-term stock performance decreases after the announcement day of the real estate acquisitions and sales. This results can be explained by agency theory. Also, we conclude that a decline in stock performance after the real estate sales explain an information signal on financial distress.

Keywords

Corporate Real Estate;Firm Value;Announcement Effect;Information Signal;Financial Distress

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