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| Author: | Grönlund, T. Louko, A. Vaihekoski, M. |
| Title: | Corporate real estate sale and leaseback effect: Empirical evidence from Europe |
| Journal: | European Financial Management
2008 : SEP, VOL. 14:4, p. 820-843 |
| Index terms: | assets sales leasing companies event studies Europe |
| Freeterms: | tax savings |
| Language: | eng |
| Abstract: | During the past years, corporate real estate (henceforth as: r-e.) disposals have increased in Europe. This study examines market reactions of publicly traded European companies' r-e. and leaseback (here as: l-b.) announcements (as: anncts.) from 1998 to 2004. It is found that the sale and l-b. anncts. have on average positive impact to firm's value. However, it is also found that the positive effect is mainly caused by the deals with high transaction value to company market value ratio. The results support the hypothesis of the positive sale and l-b. anncts. effect being a consequence of revealed hidden value of the company's assets. |
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