TAILIEUCHUNG - Real Estate Investment Trusts, Small Stocks And Bid-Ask Spreads

Furthermore, Swinburne’s figures by LGA were an average for flats and houses: these figures were likely to over-state rentals for flats and under-state them for houses. For the missing years, estimated rentals were derived by interpolation. In a revision of this paper, the estimated rentals will be recast as yield-based in an effort to improve accuracy. To cover the next five years – 1985-1989 – the author used the Ministry of Housing and Construction’s (Victoria) published statistics for two bedroom dwellings (defined for this study as ‘flats’) and three bedroom dwellings (defined here as ‘houses’). In common with Swinburne University, the Ministry drew its figures from ‘The. | 1995 V23 1 pp. 45-63 Real Estate Economics Real Estate Investment Trusts Small Stocks and Bid-ask Spreads Edward F. Nelling James M. Mahoney Terry L. Hildebrand and Michael A. Goldstein This study examines the liquidity of Real Estate Investment Trusts REITs as measured by their bid-ask spread. We find that REIT spreads have increased over the period 1986-1990 are inversely related to market capitalization and are similar in magnitude to spreads on other stocks of comparable size. Analysis of variance tests indicate that REIT spreads are similar across equity mortgage and hybrid asset types. Multivariate regression results indicate that market capitalization is the primary determinant of REIT bid-ask spreads and spreads are larger for National Association of Securities Dealers Automated Quotations NASDAQ REITs than for New York Stock Exchange NYSE REITs. The regression results also indicate that spreads are lower for equity REITs than for mortgage or hybrid REITs and are inversely related to the fraction of the REIT s shares held by institutional investors. The similarity between REIT spreads and those of other common stocks holds in both bull and bear real estate markets and suggests that from a liquidity perspective REITs are similar to other common stocks. This paper examines the liquidity of real estate investment trusts REITs . REITs provide investors the opportunity for equity investment in a portfolio of real estate properties or mortgages. Although a primary motivation for securitizing real estate claims through REITs is to increase the liquidity of an essentially illiquid asset to date there has not been a study of REIT Assistant Professor of Finance Georgia Institute of Technology Economist Federal Reserve Bank of New York Doctoral student in finance. University of Pennsylvania Assistant Professor of Finance University of Colorado at Boulder 1 The risk and return characteristics of REITs have been analyzed by Titman and Warga 1986 and Chan .

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• Surface Compounds
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• Terpenoids
• Major Volatile
• Compounds Analysis
• Mezcal Fermentation
• Tạp chí khoa học
• Bioactive compounds
• Extraction temperature
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• Pouzolzia zeylanica plant
• Response surface methodology