Market Microstructure and Real Estate Returns
作者:
Ko Wang,
John Erickson,
George Gau,
Su Han Chan,
期刊:
Real Estate Economics
(WILEY Available online 1995)
卷期:
Volume 23,
issue 1
页码: 85-100
ISSN:1080-8620
年代: 1995
DOI:10.1111/1540-6229.00659
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
This paper examines the Real Estate Investment Trust (REIT) market microstruc‐ture and its relationship to stock returns. When compared with the general stock market, REIT stocks tend to have a lower level of institutional investor participation and are followed by fewer security analysts. In addition, REIT stocks that have a higher percentage of institutional investors or are followed by more security analysts tend to perform better than other REIT stocks. Our results seem to confirm Jensen's (1993, p. 868) proposition that ownership structure (that is, who owns the firm's securities) affects the value of the firm. Our findings also have implications about the well documented phenomenon that the financial performance of Commingled Real Estate Funds (CREFs) is better than that of REIT
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