Since the urban land reform in late 1980s, the land and property market have been gradually established in China. Despite of a fast growing literature on this emerging market, quantitative analysis of the land value determination mechanism has been scarce. Using a unique data set of land sales...

This study investigates REIT's momentum returns in different market states, and explains the momentum phenomenon with a risk-based dividend growth theory of Johnson (2002). Results show that momentum returns of REITs are higher during up markets. This study finds that winners' dividend/price...