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| Content Provider | Springer Nature Link |
|---|---|
| Author | Devos, Erik Ong, Seow Eng Spieler, Andrew C. Tsang, Desmond |
| Copyright Year | 2012 |
| Abstract | Collectively, institutional investors hold large ownership stakes in REITs. The traditional view is that institutions are both long-term and passive investors. The financial crisis beginning in 2007 provides an opportunity to analyze the investment choices of institutional investors before, during, and after the crisis. Our results indicate that institutional ownership increased prior to the financial crisis, declined significantly during the period of market stress, but rebounded after. These results hold for four institutional investor subtypes: mutual funds/investment advisors, bank trusts, insurance companies, and other institutions, with mutual funds/investment advisors and bank trusts most clearly exhibiting this pattern. We also find evidence that institutions actively manage their REIT portfolios, displaying a “flight to quality” after the market downturn by reducing beta and individual risk exposure, and by increasing ownership in larger REITs. |
| Starting Page | 266 |
| Ending Page | 288 |
| Page Count | 23 |
| File Format | |
| ISSN | 08955638 |
| Journal | The Journal of Real Estate Finance and Economics |
| Volume Number | 47 |
| Issue Number | 2 |
| e-ISSN | 1573045X |
| Language | English |
| Publisher | Springer US |
| Publisher Date | 2012-02-24 |
| Publisher Place | Boston |
| Access Restriction | One Nation One Subscription (ONOS) |
| Subject Keyword | REITs Institutional ownership Financial crisis Regional/Spatial Science Finance/Investment/Banking |
| Content Type | Text |
| Resource Type | Article |
| Subject | Finance Urban Studies Accounting Economics and Econometrics |
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