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Abstract
This study examines the influence of real estate investment trust (REIT) initial public offering (IPO) announcements on the returns of non-REIT real estate stocks in Taiwan. In contrast to the Malaysian study of Sing, Ho, and Mak (2002), we find that Taiwan REIT IPOs have favorable effects on these stocks. Moreover, investors can obtain higher abnormal returns from investing in underpriced non-REIT real estate stocks following Taiwan REIT IPO announcements.