This paper studies the behavior of REIT stock price synchronicity for the years 1997 through 2007. Theory suggests that REIT stock prices should be largely independent of market changes; and, at the very least, REITs should have a low covariance with other assets, including other REIT stocks....

A strong argument can be made that we have just witnessed perhaps the greatest test the REIT industry will ever face in terms of survival. REITs were mired in debt and troubles in late 2008 and early 2009. However, in 2009 the industry as a whole was able to raise over $30 billion in secondary...

This study investigates the effect of insitutional ownership on improving firm efficiency of equity REAL Estate Investment Trusts (REITSs), using a stochastic frontier approach. Firm inefficiency is estimated by comparing a benchmark Tobin's Q of a hypothetical value-maximizing firm to the...

We study the relation between REIT stock volatility and future returns, focusing particularly on the financial crisis period of 2007-2009. There is ongoing debate about whether stock volatility can forecast future returns. Our findings suggest that REIT implied volatility is negatively related...