Performance differences in property-type diversified versus specialized real estate investment trusts (REITs) |
| |
Authors: | Justin D. Benefield Randy I. Anderson |
| |
Affiliation: | a College of Charleston, United States b The Anderson Group, United States c The University of Alabama, United States |
| |
Abstract: | Evidence from the corporate finance literature indicates that diversified firms trade at a discount to otherwise comparable specialized firms. However, very little research has addressed whether a similar diversification discount might exist in equity REITs that diversify across property types relative to those specializing in one property type. Using a sample of 75 equity REITs, the existence of a property-type diversification discount is tested using standard Jensen's Alpha, Treynor Index, and Sharpe Ratio performance ranking methodologies over four commonly employed market proxies. Several variations of these standard tests are also utilized as robustness checks. |
| |
Keywords: | G23 G29 |
本文献已被 ScienceDirect 等数据库收录! |
|