Chiang, Kevin C.H.; Lee, Ming-Long; Wisen, Craig H. - In: Journal of Real Estate Research 26 (2004) 1, pp. 26-42
The diversification benefit provided by real estate investment trusts (REITs) is of great importance to investors, practitioners, and academics. This benefit critically relies upon the correlation properties between REIT returns and the factors used to explain REIT returns. Recent studies have...