Definition of variables(a)
| Variable | Definition |
|---|---|
| AUDITCOM | Dummy variable that equals to one if the REIT has an AC prior to the listing and zero otherwise |
| Size | Market capitalisation on the listing day, in millions of euros |
| Age | Age of the issuing company from the constitution date to the listing day |
| Auditor | Ranking of the auditor based on the number of listings in which the agent has participated |
| Executives | Percentage of shares retained by shareholders in executive positions according to IDAM information |
| DEBT | Total debt to total assets ratio (both from the latest annual audited accounts or interim financial information subject to a limited review by its auditor, published in the IDAM) |
| IGBMRET | Buy-and-hold return of the Madrid Stock Exchange General Index (IGBM) computed 30 days prior to the listing |
| Property | Dummy variable equal to one if the property strategy followed by the REIT is diversified and zero if the property strategy followed is specialised |
| Management | Dummy variable equal to one if the management of the company is internal and zero if the management is external |
| Reference price | Dummy variable equal to one if the reference price determined by the board of directors of the REIT is equal to or less than the equilibrium price determined by the appraiser and zero otherwise |
| PPP | Dummy variable equal to one if the REIT has performed a private placement of shares (up to six months) before going public and zero otherwise |
| Standard | Dummy variable equal to one if the accounting standard used in the financial information is the national accounting standard and zero if it is the International Financial Reporting Standards |
| Variable | Definition |
|---|---|
| AUDITCOM | Dummy variable that equals to one if the REIT has an AC prior to the listing and zero otherwise |
| Size | Market capitalisation on the listing day, in millions of euros |
| Age | Age of the issuing company from the constitution date to the listing day |
| Auditor | Ranking of the auditor based on the number of listings in which the agent has participated |
| Executives | Percentage of shares retained by shareholders in executive positions according to IDAM information |
| DEBT | Total debt to total assets ratio (both from the latest annual audited accounts or interim financial information subject to a limited review by its auditor, published in the IDAM) |
| IGBMRET | Buy-and-hold return of the Madrid Stock Exchange General Index (IGBM) computed 30 days prior to the listing |
| Property | Dummy variable equal to one if the property strategy followed by the REIT is diversified and zero if the property strategy followed is specialised |
| Management | Dummy variable equal to one if the management of the company is internal and zero if the management is external |
| Reference price | Dummy variable equal to one if the reference price determined by the board of directors of the REIT is equal to or less than the equilibrium price determined by the appraiser and zero otherwise |
| PPP | Dummy variable equal to one if the REIT has performed a private placement of shares (up to six months) before going public and zero otherwise |
| Standard | Dummy variable equal to one if the accounting standard used in the financial information is the national accounting standard and zero if it is the International Financial Reporting Standards |
Note(s): (a) For more details see Castaño et al. (2023)
Source(s): Table by authors
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