Delcoure, Natalya; Dickens, Ross - In: Journal of Real Estate Research 26 (2004) 3, pp. 237-254
Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs) seem to have different systematic risk levels even though both invest almost exclusively in real estate related assets. We find business risk to be negatively related to systematic risk, as measured by beta, for...