caa a22 4500 445316349 CHVBK 20180317142648.0 cr unu---uuuuu 170323e20111001xx s 000 0 eng 10.1007/s11146-009-9228-5 doi (NATIONALLICENCE)springer-10.1007/s11146-009-9228-5 An Analysis of Lockups in REIT IPOs [Elektronische Daten] [Hsuan-Chi Chen, Robert Fok, Chiuling Lu] We analyze how the unique characteristics of real estate investment trusts (REITs) affect IPO lockup agreements from 1980 to 2006. The findings show that, unlike industrial IPOs, lockup periods for REIT IPOs do not cluster at 180days, tend to cover longer periods, and vary over time. Our results support the commitment device hypothesis instead of the signaling hypothesis. That is, REIT managers tend to use lockup agreements to alleviate moral hazard problems and protect post-IPO investors rather than to send signals to investors. Finally, contrary to previous studies, we find no significant negative abnormal returns around the unlock date for the whole sample. The lack of aggressive sales by insiders and the fact that REITs are not backed by venture capitalists can explain our finding. Springer Science+Business Media, LLC, 2009 Real estate investment trust nationallicence Lockup nationallicence Initial public offering nationallicence Signaling hypothesis nationallicence Commitment device nationallicence Moral hazard nationallicence Chen Hsuan-Chi Anderson School of Management, University of New Mexico, 87131, Albuquerque, NM, USA aut Fok Robert Department of Business, University of Wisconsin-Parkside, 900 Wood Road, P.O. Box 2000, 53141-2000, Kenosha, WI, USA aut Lu Chiuling Department of International Business, National Taiwan University, No. 1, Sec. 4, Roosevelt Road, 10617, Taipei, Taiwan aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/3(2011-10-01), 359-384 0895-5638 43:3<359 2011 43 11146 https://doi.org/10.1007/s11146-009-9228-5 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-009-9228-5 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Chen Hsuan-Chi Anderson School of Management, University of New Mexico, 87131, Albuquerque, NM, USA aut NATIONALLICENCE 700 1- Fok Robert Department of Business, University of Wisconsin-Parkside, 900 Wood Road, P.O. Box 2000, 53141-2000, Kenosha, WI, USA aut NATIONALLICENCE 700 1- Lu Chiuling Department of International Business, National Taiwan University, No. 1, Sec. 4, Roosevelt Road, 10617, Taipei, Taiwan aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/3(2011-10-01), 359-384 0895-5638 43:3<359 2011 43 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer