Sponsor Backing in Asian REIT IPOs

This paper tests the significance of sponsors in REIT IPOs viz-a-viz quality certification, signal of firm value, and commitment to alleviate moral hazard concerns. We model the REIT pricing and sponsor share retention decisions within a simultaneous decision framework as motivated by Grinblatt and...

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Published inThe journal of real estate finance and economics Vol. 46; no. 2; pp. 299 - 320
Main Authors Wong, Woei-Chyuan, Ong, Seow-Eng, Ooi, Joseph T. L.
Format Journal Article
LanguageEnglish
Published Boston Springer US 01.02.2013
Springer Nature B.V
Subjects
Adverse selection
Asia
Certification
Corporate sponsorship
Developers
Economic models
Economic statistics
Economic theory
Economics
Economics and Finance
Financial Services
Firm value
Hypotheses
Initial public offering
Initial public offerings
Institutional investments
Investors
Literature reviews
Moral hazard
Pricing
Regional/Spatial Science
REITs
Reputations
Signalling
Studies
Venture capital
Underpricing
Signaling
Moral Hazard
IPO sponsor
Developer IPOs
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Abstract This paper tests the significance of sponsors in REIT IPOs viz-a-viz quality certification, signal of firm value, and commitment to alleviate moral hazard concerns. We model the REIT pricing and sponsor share retention decisions within a simultaneous decision framework as motivated by Grinblatt and Hwang (Journal of Finance 44:393–420, 1989 ). We find positive and significant bidirectional relationship between the fraction of shares held by the sponsor in IPO and underpricing which is consistent with Grinblatt and Hwang’s (Journal of Finance 44:393–420, 1989 ) signaling model. Our results also support the commitment hypothesis that developers that spin off REITs tend to hold more shares at IPO, possibly to compensate investors for the potential moral hazard problems in the aftermarket.
AbstractList This paper tests the significance of sponsors in REIT IPOs viz-a-viz quality certification, signal of firm value, and commitment to alleviate moral hazard concerns. We model the REIT pricing and sponsor share retention decisions within a simultaneous decision framework as motivated by Grinblatt and Hwang (Journal of Finance 44:393-420, 1989). We find positive and significant bidirectional relationship between the fraction of shares held by the sponsor in IPO and underpricing which is consistent with Grinblatt and Hwang's (Journal of Finance 44:393-420, 1989) signaling model. Our results also support the commitment hypothesis that developers that spin off REITs tend to hold more shares at IPO, possibly to compensate investors for the potential moral hazard problems in the aftermarket. Reprinted by permission of Springer
This paper tests the significance of sponsors in REIT IPOs viz-a-viz quality certification, signal of firm value, and commitment to alleviate moral hazard concerns. We model the REIT pricing and sponsor share retention decisions within a simultaneous decision framework as motivated by Grinblatt and Hwang (Journal of Finance 44:393–420, 1989 ). We find positive and significant bidirectional relationship between the fraction of shares held by the sponsor in IPO and underpricing which is consistent with Grinblatt and Hwang’s (Journal of Finance 44:393–420, 1989 ) signaling model. Our results also support the commitment hypothesis that developers that spin off REITs tend to hold more shares at IPO, possibly to compensate investors for the potential moral hazard problems in the aftermarket.
This paper tests the significance of sponsors in REIT IPOs viz-a-viz quality certification, signal of firm value, and commitment to alleviate moral hazard concerns. We model the REIT pricing and sponsor share retention decisions within a simultaneous decision framework as motivated by Grinblatt and Hwang (Journal of Finance 44:393-420, 1989 ). We find positive and significant bidirectional relationship between the fraction of shares held by the sponsor in IPO and underpricing which is consistent with Grinblatt and Hwang's (Journal of Finance 44:393-420, 1989 ) signaling model. Our results also support the commitment hypothesis that developers that spin off REITs tend to hold more shares at IPO, possibly to compensate investors for the potential moral hazard problems in the aftermarket. [PUBLICATION ABSTRACT]
Author Wong, Woei-Chyuan
Ooi, Joseph T. L.
Ong, Seow-Eng
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Issue 2
Keywords Underpricing
Signaling
Moral Hazard
IPO sponsor
Developer IPOs
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Snippet This paper tests the significance of sponsors in REIT IPOs viz-a-viz quality certification, signal of firm value, and commitment to alleviate moral hazard...
This paper tests the significance of sponsors in REIT IPOs viz-a-viz quality certification, signal of firm value, and commitment to alleviate moral hazard...
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crossref
springer
SourceType Aggregation Database
Publisher
StartPage 299
SubjectTerms Adverse selection
Asia
Certification
Corporate sponsorship
Developers
Economic models
Economic statistics
Economic theory
Economics
Economics and Finance
Financial Services
Firm value
Hypotheses
Initial public offering
Initial public offerings
Institutional investments
Investors
Literature reviews
Moral hazard
Pricing
Regional/Spatial Science
REITs
Reputations
Signalling
Studies
Venture capital
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  providerName: Springer Nature
Title Sponsor Backing in Asian REIT IPOs
URI https://link.springer.com/article/10.1007/s11146-011-9336-x
https://www.proquest.com/docview/1272277382
https://search.proquest.com/docview/1288990528
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