caa a22 4500 445316667 CHVBK 20180317142650.0 cr unu---uuuuu 170323e20110501xx s 000 0 eng 10.1007/s11146-009-9202-2 doi (NATIONALLICENCE)springer-10.1007/s11146-009-9202-2 Corporate Governance and Performance in the Market for Corporate Control: The Case of REITs [Elektronische Daten] [Robert Campbell, Chinmoy Ghosh, Milena Petrova, C. Sirmans] We examine 132 mergers and acquisitions by Real Estate Investment Trusts (REITs) during 1997-2006 and explore the relationship between acquirer external and internal corporate governance mechanisms and announcement abnormal returns. We argue that in regulated industries with absent active takeover market, the importance of outside governance mechanisms is diminished and substituted by internal governance controls. We focus on the REIT industry. We find that bidder returns are higher for REITs with smaller boards, with more experienced CEOs, but with shorter tenure. Acquirers' announcement returns are also significantly and positively related to higher ownership by their CEOs and board directors. We find no significant relationship between presence of staggered board and abnormal bidder returns, which supports our hypothesis that anti-takeover defense measures have reduced importance for REITs. Springer Science+Business Media, LLC, 2009 Corporate governance nationallicence Mergers nationallicence Corporate control nationallicence Real Estate Investment Trusts nationallicence Campbell Robert Department of Finance, 134 Hofstra University, 11549-1333, Hempstead, NY, USA aut Ghosh Chinmoy Department of Finance, University of Connecticut, 06269, Storrs, CT, USA aut Petrova Milena Department of Finance, Whitman School of Management, Syracuse University, 13244, Syracuse, NY, USA aut Sirmans C. Department of Risk Management/Insurance, Real Estate and Business Law, Florida State University, 32306, Tallahassee, FL, USA aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 42/4(2011-05-01), 451-480 0895-5638 42:4<451 2011 42 11146 https://doi.org/10.1007/s11146-009-9202-2 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-009-9202-2 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Campbell Robert Department of Finance, 134 Hofstra University, 11549-1333, Hempstead, NY, USA aut NATIONALLICENCE 700 1- Ghosh Chinmoy Department of Finance, University of Connecticut, 06269, Storrs, CT, USA aut NATIONALLICENCE 700 1- Petrova Milena Department of Finance, Whitman School of Management, Syracuse University, 13244, Syracuse, NY, USA aut NATIONALLICENCE 700 1- Sirmans C. Department of Risk Management/Insurance, Real Estate and Business Law, Florida State University, 32306, Tallahassee, FL, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 42/4(2011-05-01), 451-480 0895-5638 42:4<451 2011 42 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer