Abstracts for Vol.
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The study finds that parents of MLPs, generally, and parents of non-real estate MLPs experience positive stock price increases when creating MLPs in the same business as the parent firm and insignificant price increases otherwise. Parents of real estate MLPs experience insignificant stock price changes whether or not the MLP is in the same business as the parent firm. However, despite insignificance, we find evidence that real estate parents forming real estate MLPs may experience greater stock price appreciation than non-real estate parents creating real estate MLPs. This study compares the market reaction to the announcement of real estate joint venture on returns to stockholders of real estate and non-real estate firms. Real estate firms earn higher excess returns when they participate with non-real estate firms than when they participate with real estate firms.