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The purpose of this paper is to use Australian Real Estate Investment Trust (A‐REIT) data to empirically examine potential influencing factors on A‐REITs becoming a bidder or a target in the mergers and acquisitions (M&A) area.

This study uses logistic regression analysis to investigate the odds of publically traded A‐REITs being either a bidder or a target as a function of a number of financial and corporate governance variables.

Prior research in the US REIT M&A area has shown that target size is inversely related to takeover likelihood; in contrast, the authors' Australian results show that size has a positive impact. Prior research on share price and asset performance has shown that underperformance increases the odds of an entity becoming a target, but this paper's results further support these findings and provide confirmation of the inefficient management hypothesis. For acquirers it was found that leverage, cash balances, management structure, the level of shares held by related parties and the global financial crisis have an important impact on bidder likelihood.

Given that the literature suggests that investors can earn significant positive abnormal returns by owning targets, but incur significant abnormal losses by owning bidders, at announcement, this study will be useful to fund managers and other investors in A‐REITs by investigating the characteristics of those firms that become targets and bidders.

This paper adds to the recent US REIT M&A literature by examining the second biggest REIT market in the world and reporting a number of factors that might influence A‐REITs to become targets or bidders.

An impressive high bay warehouse with an operating height of 13.6m is the focal point of the new GUSCO distribution centre at Eccles, near Manchester. It combines human resources with computerised materials handling. GUSCO is the largest catalogue shopping organisation in the UK, with an annual turnover well in excess of £1bn.

This paper, based on three recent research projects, addresses some of the issues that are central to the acceptance and integration of electronic scholarly monographs and textbooks (henceforth, referred to as e‐monographs) into the academic library. The findings suggest that the almost casual use of terms like “digital library” and “hybrid library” belies the reality of a slow acceptance of nearly all digital textual resources other than journals, and a demonstrable lack of user take up of most kinds of electronic library‐information resources.

Rural students encounter challenges such as the achievement gap; racial inequality; little or no college counseling; higher rates of poverty; limited accessibility to college preparatory courses; and recruitment and retention of quality teachers. Moreover, Black males tend to experience the same issues; however, there is a dearth of literature around this population in rural areas. The authors describe the implications of the unique intersection of Black males in rural settings and discuss the unique challenges and opportunities presented. Specifically, academic achievement, college and career readiness, and access to employment and higher education for Black males are highlighted in this chapter. The authors provide recommendations on research and practice for educators to best serve Black males in rural settings.

Charity shops have met a number of challenges in light of the impacts of the Covid-19 pandemic. The paper aims to explore the economic and social impact of charity shops and reviews the transformative impact they have on place, the experience of place and the social environment.

The paper conducts a review of the extant literature in the field of charity shop retail. Considering the issues that are raised, the article proceeds to discuss the opportunities that arise for place marketing efforts and charity shops in the retail environment, the wider sector, the high street and as a positive, key component of place(s).

The paper provides novel sectorial insights and recommendations that can be adopted by charity retail outlets. This includes discussion on transformative place marketing, the experience of place and the charity shop’ role in the social environment beyond the existing references to charity shops in place(s) and the high street.

Charity shops play a vital role in society and yet they are an under researched field. The paper contributes knowledge on the role of charity shops in transforming and experiencing place. The paper concludes with observations made from the discussion on charity shops, and states areas for future research regarding the role of the charity shop and place marketing, place identity and transformation.

We empirically investigate the hypothesis that the less transparent (more difficult to value) the target’s assets are the more likely it is that the acquiring firm can obtain higher short- and long-term returns. We analyze a sample of 1,538 friendly acquisitions partitioned in two separate dimensions: acquisitions of public versus private firms, and acquisitions of a firm’s assets versus acquisitions of a firm’s assets and its management. Using a sample of (nondiversifying) real estate transactions with a public REIT as the acquirer, we find that acquisitions of public firms have insignificant short-term abnormal returns. Acquisitions of private targets have positive and significant short-term abnormal returns. The acquirer’s abnormal returns are higher in both cases when the transactions involve acquisition of the target firm’s management. We find parallel results when analyzing the acquirer’s Q over the merger year and the three following years. Our conclusions are robust to the type of financing (cash, stock, or a combination) used in the acquisition.

An increasing trend in residential property markets is the concept of planned residential community developments, offering a range of services not available to the existing residential property markets in that given location. The purpose of this paper is to analyse a number of planned residential community developments in a major city to determine the demand for these developments and the impact they have in relation to price premiums and the overall residential property market.

This study has identified four planned residential developments in the Sydney property market and all sale transactions in these developed estates or unit complexes have been analysed and compared to the sales transactions in the residential areas immediately adjoining the planned residential developments. These sales represent all sales transactions in the study areas and this database has enabled a comparison based on price trends, average annual capital return and price volatility.

Results from this study have shown that residential property buyers are prepared to pay a premium for property in a planned residential community, despite the availability of cheaper housing within immediately adjoining locations, with this premium being maintained over time. The study also shows that buyers are prepared to purchase a property in a planned residential estate even though the adjoining areas are not considered to be as desirable, and in time the planned residential estate can increase the price of residential property in the adjoining areas.

Although the sales data for two of the planned residential developments only covers the period 1999‐2004, this limitation is offset by the greater time period of sales transactions for the other two planned residential estates in the study. The limited sale period is due to the relatively new nature of these developments in Sydney, Australia.

The research has indicated that, in developed residential property markets, consumers will pay a premium for property that meets their lifestyle or security requirements, irrespective of the actual location of the development.

The purpose of this paper is to examine the impacts of private placement announcements by Australian Real Estate Investment Trusts (A-REITs) on existing shareholders. The study examines 96 A-REIT private placements from January 2000 to December 2012.

Utilising event study methodology the authors examine the impact on existing shareholders wealth by measuring the abnormal returns (AR) around the placement announcement. The authors extend the analysis to model the A-REITs ARs against a number of explanatory variables to investigate the possible drivers for the observed event study results.

The results support the information signalling hypothesis, in that existing investors in A-REITs earn negative and significant cumulative ARs of −1.3 per cent over the three-day event window [−1, +1]. This result is in contrast to prior studies conducted on industrial firms, for example; Hertzel and Smith (1993), Krishnamurthy et al. (2005) and Wruck and Wu (2009).

Regression analysis shows A-REITs trading at a premium to net tangible assets and A-REITs that use placement funds for their core business have a positive impact on announcement ARs.

This paper adds to the existing literature surrounding private placements and is the first paper, to the authors’ knowledge, to examine the impact of Australian REITs.