Now showing items 1-4 of 4

    • Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities 

      Pavlov, Andrey; Steiner, Eva; Wachter, Susan (2015-04-01)
      The benefits of diversification from international real estate securities are generally well established. However, the drivers of international real estate securities returns are insufficiently understood. We jointly examine ...
    • REIT Capital Structure Choices: Preparation Matters 

      Pavlov, Andrey; Steiner, Eva; Wachter, Susan (2016-02-29)
      Sun, Titman, and Twite (2015) find that capital structure risks, namely high leverage and a high share of short-term debt, reduced the cumulative total return of US REITs in the 2007-2009 financial crisis. We find that ...
    • The Consequences of REIT Index Membership for Return Patterns 

      Pavlov, Andrey; Steiner, Eva; Wachter, Susan (2017-06-26)
      The impact of stock market index membership on REIT stock returns is unclear. Returns may become more like those of other indexed stocks and less like those of their underlying properties. Taking advantage of the inclusion ...
    • The Consequences of REIT Index Membership for Return Patterns 

      Pavlov, Andrey; Steiner, Eva; Wachter, Susan (2016-10-10)
      We study the impact of S&P index membership on REIT stock returns. Given the hybrid nature of REITs, their returns may become more like those of other indexed stocks and less like those of their underlying properties. The ...