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作者

来源

REAL ESTATE ECONOMICS,Vol.47,Issue1SI,P.214-262

语言

英文

关键字

MUTUAL FUND FLOWS; CROSS-SECTION; CAPITAL FLOWS; STOCKS; DYNAMICS; RETURNS; ISSUES; INDEX; PRICE; GAME

作者单位

[Chan, Su Han; Wang, Ko] Johns Hopkins Univ, Carey Business Sch, 100 Int Dr, Baltimore, MD 21202 USA. [Chen, Jiajin] Stockton Univ, Sch Business, 101 Vera King Farris Dr, Galloway, NJ 08205 USA. Chan, SH (reprint author), Johns Hopkins Univ, Carey Business Sch, 100 Int Dr, Baltimore, MD 21202 USA. E-Mail: schan@jhu.edu; Jiajin.Chen@stockton.edu; ko.wang@jhu.edu

摘要

We analyze 483 entry and 439 exit events of publicly traded real estate investment trusts (REITs) and find that changes in the number of REITs in the market affect rival REITs' stock performance. We also partition the sample by the modes of entries and exits as well as by REIT asset type in order to disentangle alternative explanations. Overall, our evidence indicates that the supply effect still matters for stock prices even after considering signaling and price pressure explanations.