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The aftermarket performance of Spanish REITs

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The aftermarket performance of Spanish REITs

dc.contributor.author	Castaño, Leticia
dc.contributor.author	Farinós Viñas, José Emilio
dc.contributor.author	Ibáñez, Ana M.
dc.date.accessioned	2023-10-19T06:52:48Z
dc.date.available	2023-10-20T04:45:07Z
dc.date.issued	2022	es_ES
dc.identifier.citation	Castaño, L., Farinós, J. E., & Ibáñez, A. M. (2022). The aftermarket performance of Spanish REITs. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 51(3), 263–294.	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/90486
dc.description.abstract	Since 2013, when the market for REITs started in Spain, the number of these investment vehicles has grown steadily. At the end of 2019, Spanish REITs ranked third in Europe in terms of market capitalisation, and first in terms of the number of REITs. This research investigates the abnormal performance of REITs in the Spanish market for 6-, 12- and 24-month post-admission windows during the period from November 2013 to January 2020. We obtain evidence that issuers experience economically and statistically significant negative abnormal returns during the two years after going public. These results are robust to the different metrics, estimations and tests used. The differentiating characteristics of the market analysed (mainly the fact that the flotations were not carried out through an Initial Public Offering, unlike most previous studies, but through a direct listing procedure) are particularly relevant to determine the level of aftermarket performance.	es_ES
dc.language.iso	en	es_ES
dc.publisher	Asociación Española de Contabilidad y Administración de Empresas (AECA)	es_ES
dc.subject	direct listing	es_ES
dc.subject	Spanish market	es_ES
dc.subject	abnormal return	es_ES
dc.subject	aftermarket performance	es_ES
dc.title	The aftermarket performance of Spanish REITs	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.1080/02102412.2021.1927531	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES
dc.type.hasVersion	VoR	es_ES
dc.rights.accessRights	open access	es_ES