DATA, METHODS, AND TECHNOLOGY: DRIBS AND DRABS AND NEW INFORMATION IN THE REIT LEGISLATIVE PROCESS

Abstract

This study examines specific "new information" releases on legislative landmark dates and tests the "dribs and drabs" information production hypothesis between legislative landmark dates, extending Howe and Jain's (2004) tests of the "new information" hypothesis for the 1999 REIT Modernization Act (RMA). The findings reveal significant pricing changes between legislative landmark dates despite the low power of this regulatory event study methodology for long event windows. The findings are robust. Overall, both the "dribs and drabs" information production hypothesis and the "new information" hypothesis are supported during intervals that REIT legislative bills are under consideration for the 1999 RMA.