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Multiple Arbitrage: Evidence from International Real Estate Markets

Downs, David ; Sebastian, Steffen P. ; Woltering, René-Ojas


Divergences between public and private market valuations provide potential arbitrage opportunities. We develop a model in which the investment decisions of public companies depend on the valuation gap between public and private markets. Our model predicts that public companies finance growth externally by raising capital, debt and equity, when public market valuations exceed private market ...


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