Essays on Takeover Auctions and Real Estate Markets

The cumulative dissertation focuses mergers and acquisitions in real estate markets. Specifically, it empirically examines takeovers in REIT markets and establishes new insights on the peculiarities and unique features of takeover auctions among REITs. It also examines takeover activity along REIT conversion processes down to the deal-level, yields first insights on the characteristics of the restructuring processes and unveils implications for the associated future performance of converted REITs, as well as implications for real estate markets in the respective economies. Beyond, it analyses statistical properties of unsmoothed appraisal-based indices regarding their applicability as performance benchmarks.