Retail Stocks, Retail REITs, and Retail Real Estate
AbstractThis study examines the relationship between retail REITs, retail stocks, and retail real estate during the period 1983 through 1991. Evidence of a positive contemporaneous relationship between retail stocks and retail REITs, even after controlling for the market return, is found. However, no positive evidence is found for a relationship between retail real estate and either retail REITs or retail stocks. Some evidence of a negative relationship between office and R&D office real estate and lagged retail REIT and lagged retail stock returns is found, although these results are very weak. The evidence for contemporaneous relationship between retail REITs and retail stocks suggests the presence of some shared fundamental factor (or factors) in addition to the market return. The presence of this factor(s) may be partly accounted for by overage rents. However, the lack of a relationship between retail real estate and either retail REITs or retail stocks places the significance of such factors in some doubt.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 9 (1994)
Issue (Month): 1 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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- Hoesli, Martin & Oikarinen, Elias, 2012. "Are REITs real estate? Evidence from international sector level data," Journal of International Money and Finance, Elsevier, vol. 31(7), pages 1823-1850.
- Ming-Chi Chen & Chi-Lu Peng & So-De Shyu & Jhih-Hong Zeng, 2012. "Market States and the Effect on Equity REIT Returns due to Changes in Monetary Policy Stance," The Journal of Real Estate Finance and Economics, Springer, vol. 45(2), pages 364-382, August.
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