Below, Scott D.; Kiely, Joseph K.; McIntosh, Willard - In: Journal of Real Estate Research 12 (1996) 3, pp. 397-412
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...