Most empirical studies on arbitrage opportunities tend to focus on arbitrage resulting from two 'securities', normally option value in relation to its underlying assets. However, in this empirical study it is illustrated that by writing 'different' option values the 'amount' of arbitrage...

The first essay of this dissertation investigates the relationship between downside risk andreturns of real estate investment trusts (REITs) and assesses the performance of real estatemutual funds (REMFs). We measure the asymmetric risk through downside and upside betas andthrough the measures...

This study investigates why externally advised real estate investment trusts (REITs) underperform their internally managed counterparts. Consistent with previous studies, we find that REITs managed by external advisors underperform internally managed ones by over 7 percent per year....

Forestland tenure institutions and patterns are in a period of rapid change in the USA. Historically dominant forestland tenures are disappearing, and new tenures are emerging. Traditional, vertically-integrated forest products firms have shed their forestland holdings to be picked up by Timber...

The first essay of this dissertation investigates the relationship between downside risk and returns of real estate investment trusts (REITs) and assesses the performance of real estate mutual funds (REMFs). We measure the asymmetric risk through downside and upside betas and through the...

With the significant growth in Islamic financial products in recent years, the world?s first Islamic real estate investment trust (REIT) was established in Malaysia in August 2006, with these REIT portfolios needing to be Shariah compliant. This paper constructs three Malaysian REIT (M-REIT)...

Listed property trust (LPTs) have been the most successful indirect property investment vehicle in Australia. Surveys conducted by the Australian Stock Exchange in 1999 found that the LPT sector was the fastest growing stockmarket sector, increasing its number of investors by 88%, compared to...

This paper extends the existing research on real estate investment trust (REIT) operating efficiencies. We estimate a stochastic-frontier panel-data model specifying a translog cost function, covering 1995 to 2003. The results disagree with previous research in that we find little evidence of...