Abstract
Executive Summary. This study examines the market reactions of Malaysia's real estate investments trusts (REITs) and property stocks to corporate restructuring activities. Tests of price behavior of fifty-eight listed property stocks and three property trusts in Malaysia towards the new listing of Mayban Property Trust Fund One in 1997 show that REIT and property stock prices react significantly with a negative abnormal return of 2.3% and 4.9% respectively during the [−10, 0] event interval. In the tests of the acquisition announcement, the results show a significantly negative 1.9% price adjustment during the [−1, 0] event interval in the REIT market, but no significant excess returns in the listed property stock market around the event interval.
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