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.

摘要

自 2013 年西班牙房地产投资信托基金市场开始以来，这些投资工具的数量稳步增长。2019年底，西班牙REITs市值排名欧洲第三，REITs数量排名第一。本研究调查了西班牙市场房地产投资信托基金在 2013 年 11 月至 2020 年 1 月期间在 6、12 和 24 个月的接纳后窗口期间的异常表现。我们获得的证据表明，发行人在上市两年后。这些结果对使用的不同指标、估计和测试是稳健的。分析了市场的差异化特征（主要是与之前的大多数研究不同，发行不是通过首次公开募股进行的，