Akin, S.; Lambson, Val; McQueen, Grant; Platt, Brennan; … - In: The Journal of Real Estate Finance and Economics 47 (2013) 3, pp. 506-537
We explore the questions of why Real Estate Investment Trusts (REITs) pay more for real estate than non-REIT buyers and by how much. First, we develop a search model where REITs optimally pay more for property because (1) they are willing, due to cost of capital advantages and, (2) they are...
