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Changes in REIT Structure and Stock Performance: Evidence from the Monday Stock Anomaly
Author(s) -
Chan Su Han,
Leung WaiKin,
Wang Ko
Publication year - 2005
Publication title -
real estate economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.064
H-Index - 61
eISSN - 1540-6229
pISSN - 1080-8620
DOI - 10.1111/j.1080-8620.2005.00113.x
Subject(s) - real estate investment trust , stock (firearms) , institutional investor , economics , stock market , business , financial economics , monetary economics , financial system , finance , real estate , corporate governance , geography , context (archaeology) , archaeology
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.