Nelling, Edward F.; Mahoney, James M.; Hildebrand, Terry L. - In: Real Estate Economics 23 (1995) 1, pp. 45-63
This study examines the liquidity of Real Estate Investment Trusts (REITs), as measured by their bid-ask spread. We find that REIT spreads have increased over the period 1986-1990, are inversely related to market capitalization, and are similar in magnitude to spreads on other stocks of...