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Predicting the returns of the US real estate investment trust market: evidence from the group method of data handling neural network
PurposeThe Group Method of Data Handling (GMDH) neural network has demonstrated good performance in data mining, prediction, and optimization....
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The Role of Target Termination Fees in REIT Mergers
Target termination fee provisions are widely used in merger agreements and require the target firm to pay the bidder a fixed cash fee in the event...
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Value Implications of REITing and De-REITing*
We explore the determinants and value implications of publicly traded real estate companies converting to real estate investment trusts (REITs),...
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Financial and Macroeconomic Uncertainties and Real Estate Markets
Our research delves into the impact of US macroeconomic and financial uncertainty shocks on global housing markets, employing a multi-country FAVAR...
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COVID-19 and REITs Crash: Predictability and Market Conditions
This study examines the applicability of the log-periodic power law (LPPL) model for the real estate investment trust (REIT) market in the early...
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The Cost of Financial Flexibility: Information Opacity, Agency Conflicts and REIT at-the-Market (ATM) Equity Offerings
Using a sample of publicly traded U.S. REITs, we examine the impact of at-the-market (ATM) equity offerings on participating firms’ cost of capital....
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Does Investing in ESG Pay Off? Evidence from REITs
This article investigates the impacts of environmental, social, and governance (ESG) performance on a firm’s valuation, cash flow, and risk. Using...
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Summary and Conclusion
By adopting the ‘REIT laboratory’ and incorporating our REIT-specific Fama-French factors, we build the foundation to appropriately isolate the...
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Uncertainty Measures and Sector-Specific REITs in a Regime-Switching Environment
In this paper, we attempt to explore the effects of various uncertainty measures – namely, implied volatility (VIX), tail risk (SKEW), economic...
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Introduction
We take US equity Real Estate Investment Trusts (REITs) and construct equity REIT-specific factors along the lines of Fama and French (1993), in...
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The Valuation Effect and Consequences of Clawback Adoption in Real Estate Investment Trusts
This study explored the valuation effect of clawback adoption in the REIT market and identified possible channels through which clawback may generate...
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Stock Price Dynamics of US REITs The Effect of Short Selling, Covid-19, and ESG
By adopting the ‘REIT laboratory’ and incorporating REIT-specific Fama-French factors, Nick Martin Trefz builds the foundation to appropriately...
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REITs’ Stock Return Volatility: Property Market Risk Versus Equity Market Risk
This study addresses how and why the stock return volatility of REITs changes over time and identifies which mechanisms influence it at a firm level....
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Acquisitions and the Opportunity Set
This study analyzes the impact of various proxies for an acquirer’s opportunity set on its post-acquisition abnormal performance and on its...
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Trade-offs between Asset Location and Proximity to Home: Evidence from REIT Property Sell-offs
We examine property sell-offs by real estate investment trusts (REITs) and find that investors respond favorably to sales of properties located close...
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Do Preferred REITs Have Portfolio Enhancement Attributes? An Empirical Investigation
Relative to common equities and fixed-income securities, preferred securities have received scant attention from the academic and professional...
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The Impact of COVID-19 on Institutional Single Family Institutional Investors in Growing U.S. Markets
After the 2009–2010 mortgage foreclosure crisis, a new type of landlord bought up tens of thousands of single-family homes and converted them to...
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The Revival of Business Groups’ Risk Sharing: Evidence from Japanese Real Estate Investment Trust Market
We examine the business groups’ risk-sharing hypothesis in the Japanese Real Estate Investment Trust (REIT) market in which the unique external...
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Operating Lease as Alternative Financing for REITs: a Viable Strategy or a Sign of Trouble?
Extant REIT research largely overlooks operating leases as an alternative source of financing. In this study, we hand-collect lease information of...
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The Continuing Overreaction in the REIT Market
We find that REITs, which are most held by institutional investors and are characterized as being passive investment instruments, exhibit price...
