1.Florida State University, Tallahassee, FL, USA ;2.Auburn University, Auburn, AL, USA ;3.Professor and J. Harold and Barbara M. Chastain Eminent Scholar in Real Estate, Florida State University, Tallahassee, FL, USA ;
Abstract:
The Journal of Real Estate Finance and Economics - We dissect REIT NAV premiums and examine their relation to expected returns. More than half of the cross-sectional variation in NAV premiums can...