This study addresses the short-term disparity between REIT returns and direct property returns, and argues that this phenomenon is due to the trading constraints in the direct property market imposed on REITs (the dealer rule), which render them unable to time markets in order to realize...

Intro -- Title Page -- Copyright Page -- Contents -- List of Figures -- Acknowledgements -- Chapter 1 Introduction -- Sub-prime Lending Enters the Financial Vocabulary -- The Global Extension -- Commercial Property Market Context -- Past UK Experience -- A Worldwide Phenomenon -- Commercial...