A-REIT seasoned equity offerings : determinants and market reaction

The paper examines the decision by Australian Real Estate Trusts (A-REITs) to issue seasoned equity offerings from 2000 - 2008 and stock market reaction to the offerings using panel data and event study methodologies, respectively. The global financial crisis has resulted in freezing of the Australian bond markets, with several A-REITs left with seasoned equity issuance and asset sales as the only viable modes of raising additional capital. The findings review that leverage and operating risk are negative significant determinants of seasoned equity offerings; profitability and growth opportunities are positive significant determinants. Of the structure and type of properties held by the A-REIT, only stapled management structure and international operations are significant determinants. Type of properties held by A-REITs show inconsistent results. Similar to previous studies of seasoned equity offerings, we find a significant negative abnormal return associated with their announcement and no evidence of excessive leakage of information. Cross-sectional regressions show that the issued amount raised and leverage are significant factors affecting abnormal returns.

Determinants and market impact of seasoned equity offerings : the case of A-REITs

The paper examines the decision by Australian Real Estate Trusts (A-REITs) to issue seasoned equity offerings from 2000 - 2008 and stock market reaction to the offerings. The findings reveal that highly leveraged A-REITs with variable earnings are less likely to issue seasoned equity offerings. Inconsistent results for structure and type of properties held by the A-REIT do not allow for inference to be drawn. Similar to previous studies of seasoned equity offerings, we find a significant negative abnormal return associated with their announcement and no evidence of excessive leakage of information. Furthermore, market reaction differences to announcements of SEOs for the pre-global financial crisis (GFC) (2000-2006) and GFC eras (2007-2008) are noted with GFC era shareholders incurring larger abnormal return losses at 1.13% in comparison to the pre-GFC era shareholder loss of 0.34% on the SEO announcement day. Cross-sectional regressions show that the issued amount, leverage and profitability are significant factors affecting abnormal returns. Growth opportunities, tangibility, operating risk, size of A-REIT and other variables capturing A-REIT structure and property types held do not have an impact on abnormal returns

An integrated approach to cryptographic mitigation of denial-of-service attacks

Gradual authentication is a principle proposed by Meadows as a way to tackle denial-of-service attacks on network protocols by gradually increasing the confidence in clients before the server commits resources. In this paper, we propose an efficient method that allows a defending server to authenticate its clients gradually with the help of some fast-to-verify measures. Our method integrates hash-based client puzzles along with a special class of digital signatures supporting fast verification. Our hash-based client puzzle provides finer granularity of difficulty and is proven secure in the puzzle difficulty model of Chen et al. (2009). We integrate this with the fast-verification digital signature scheme proposed by Bernstein (2000, 2008). These schemes can be up to 20 times faster for client authentication compared to RSA-based schemes. Our experimental results show that, in the Secure Sockets Layer (SSL) protocol, fast verification digital signatures can provide a 7% increase in connections per second compared to RSA signatures, and our integration of client puzzles with client authentication imposes no performance penalty on the server since puzzle verification is a part of signature verification.