Chen, Hsuan-Chi; Lu, Chiuling - In: The Journal of Real Estate Finance and Economics 33 (2006) 2, pp. 105-125
Previous studies have documented the reversal in the initial returns of REIT IPOs from overpricing in the 1980s to underpricing in the 1990s. We find that the gross spreads of REIT IPOs decreased significantly in the 1990s. In particular, there is a bimodal clustering for gross spreads at 6.5...
