Institutional investors' preferences for REIT stocks

被引：47
作者：
Ciochetti, BA [1 ]
Craft, TM
Shilling, JD
机构：
[1] Univ N Carolina, Chapel Hill, NC 27599 USA
[2] Wichita State Univ, Wichita, KS 67260 USA
[3] Univ Wisconsin, Madison, WI 53705 USA
来源：
REAL ESTATE ECONOMICS | 2002年 / 30卷 / 04期
关键词：
D O I：
10.1111/1540-6229.t01-1-00051
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This article investigates the determinants of real estate investment trusts (REIT) portfolio investment and institutional REIT ownership using multivariate Tobit regressions. We contend that many institutional investors take larger positions in more liquid assets like REIT stocks, as compared with private real estate equities, because of liquidity considerations. Consistent with this contention, we find that liquidity constraints are significantly related to REIT portfolio investment by institutional investors. We also find that institutional investors have different preferences for REIT stocks than do other investors; they generally prefer larger, more liquid REIT stocks.
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页码：567 / 593
页数：27
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