Research Papers


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Paper 1:
Shareholder Activism in REITs
Presented by David Downs, Professor of Real Estate, School of Business, Virginia Commonwealth University
Abstract: REITs are as likely as non-REITs to be targets of activist shareholder campaigns, and for the same reasons: less-profitable REITs whose share prices are discounted relative to the value of their assets are more likely targets, and activist shareholders generally benefit when such campaigns culminate in the acquisition of the target REIT.

Paper 2:
The Consequences of REIT Index Membership for Return Patterns
Presented by Eva Steiner, Assistant Professor of Real Estate, SC Johnson College of Business, Cornell University
Abstract: Inclusion of REITs in stock indices has benefited investors by increasing both REIT visibility and pricing efficiency: that is, by enhancing the link between REIT returns and the performance of their underlying real estate assets.

Paper 3:
NAV Premiums and REIT Property Transactions
Presented by Jon Wiley, Associate Professor in Real Estate, J. Mack Robinson College of Business, Georgia State University
Abstract: Data confirm that REIT managers generally increase acquisitions and reduce dispositions when share prices exceed the implied value of equity claims based on net asset value; moreover, while other studies have suggested that REITs pay more than other buyers, restricting the comparison to similar assets purchased by REIT and non-REIT institutional investors causes the difference to disappear.

Paper 4:
Asset Location, Timing Ability, and the Cross-Section of Commercial Real Estate Returns
Presented by David Ling, Professor of Real Estate, Warrington College of Business, University of Florida
Abstract: Property acquisition and disposition patterns reveal that REIT managers are generally able both to identify metro areas that will outperform in the coming year and to take advantage of such local market differences by increasing allocations to outperforming MSAs.

Paper 5:
The Hybrid Nature of Real Estate Trusts
Presented by Yildiray Yildirim, Professor in Real Estate, Zicklin School of Business, Baruch College
Abstract: The authors compare the investment performance of modern REITs to Real Estate Trusts (RETs), a precursor to REITs that traded in the late 19th and early 20th centuries. In both eras, securitized real estate reflected the performance of underlying property markets; outperformance relative to stocks and underlying real estate markets depended in part on capital market and construction conditions.

Paper 6:
Survey of the Mortgage REIT Business Model