This study employs a "hedged" apartment REIT index to track the performance of apartment real estate and to assess the performance of apartments in efficient mixed-asset portfolios consisting of stocks, bonds and real estate. The hedged apartment index reflects the returns of apartment REITs...

This study investigates the variability in the risk components of REITs over the 1973-1989 period using the cusum test, the cusum of squares test, and the Quandt's log-likelihood ratio method. Four REIT portfolios were formed: an all-REIT portfolio, an equity REIT portfolio, a hybrid REIT...

Real estate investment trusts (REITs) offer investors the ability to more easily include real estate-related assets in their investment portfolios. Certain REIT characteristics may allow some REITs to outperform others. Empirical research in the financial literature indicates that small firms...

Real estate comprises the major wealth of the United States as well as the world and institutional investors (life insurance companies, pension funds, and real estate investment trusts (REITs)) have become major investors in real estate due to their large portfolios and annual cash inflows. A...

For some time real estate operating leases have been available to lessees and lessors which have alternative schemes for allocating the purchasing power risk embedded in the rent and operating expense streams. This paper presents a market-oriented model that will allow lessees and/or lessors to...

This paper examines the effect of merger announcements on target firm shareholder wealth. The sample is limited to Real Estate Investment Trust (REIT) targets. Previous corporate acquisition studies report strong pre-announcement and announcement day price appreciation for target firms....

This study examines the impact of the REIT boom on the market microstructure of REIT common stocks. We analyze NYSE-traded REITs during the pre-boom period (1992) and the post-boom period (1994), and find significant reductions in bid/ask spreads over the period. We also find that the bid/ask...

This paper develops a model to explain the commission split among cooperating real estate brokers operating within a multiple listing service where individual agencies are free to negotiate. The paper provides theoretical and empirical evidence that suggests that the amount of the total...

A significant body of research exists documenting that REITs perform differently from other types of equity securities, although the reasons for these differences are unclear. This study examines the intraday trading behavior of Real Estate Investment Trusts (REITs). Specifically, intraday REIT...

This empirical study investigates the performance of Real Estate Investment Trusts (REITs). Although many people have studied REIT performance, their findings on the long-term performance of REITs are generally inconclusive. The objectives of this study are: (1) to evaluate the long-term...