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Public versus Private Market Arbitrage: International Evidence for Listed Property Companies

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



Abstract

This paper examines the performance of real estate firms that issue seasoned equity with the stated purpose of investing in private market assets. Prior literature documents that (i) firms, in general, underperform following a season equity offering and (ii) growth firms underperform value firms. We propose a stylized model where firms may arbitrage a public market premium relative to the private ...

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