This paper reconciles the controversy regarding the substitutability between equity REITs (EREITs) and mortgage REITs (MREITs) in existing literature. Using CRSP/Ziman data from 1992-2011, we show that the driving economic factors on EREIT returns are different from those driving MREIT returns,...

Despite the popular emergence of online property brokerage platforms in the second-hand housing market, little is known about whether and how these platforms would influence the market, especially in terms of housing price. We thus assemble and analyze data from multiple sources about the entry...