Changes in REIT structure and stock performance: Evidence from the monday stock anomaly

Su Han Chan, Wai Kin Leung, Ko Wang

Research output: Journal PublicationArticlepeer-review

45 Citations (Scopus)

Abstract

It is well documented that REITs in the 1990s experienced significant changes in their structure and attracted greater institutional participation. This article finds that REIT stocks with higher institutional holdings perform better on Monday than REITs with lower institutional holdings during the 1990s, but not in the 1980s, Furthermore, REITs that went public in the 1990s are the ones associated with the shift in the Monday return pattern. Our study supports the claim that the change in REIT structure and the increase in institutional participation in the REIT market in the 1990s make REIT stocks behave more like other equities in the stock market.

Original languageEnglish
Pages (from-to)89-120
Number of pages32
JournalReal Estate Economics
Volume33
Issue number1
DOIs
Publication statusPublished - 2005
Externally publishedYes

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics

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