In this paper we examine how the introduction of traded options impacts the volatility of REITs and whether this impact is consistent with that seen for non-REIT equities. We document a drop in REIT volatility in 1996, just as the availability of options on REITs sees significant growth. REIT...

We examine REITs at the announcement of plans for open market repurchases and determine the impact of these announcements on competing REITs. Consistent with prior research, we find evidence of significant positive returns to the repurchasing firms, on average, at announcement. We do not find...

This paper examines the impact of option introduction on the returns, volatility, and volume of shares traded of the Real Estate Investment Trusts (REITs) that underlie the new derivative securities. The paper looks at both the initial and then longer term impact on each of these variables and...