A Comparative Analysis of R.E.I.T.s, R.E.O.C.s and P.R.E.O.C.s Using a Stochastic Frontier Approach

References

• Aigner, D., Lovell, S., & Schmidt, P. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Econometrics, 6(1), 21–37. doi:10.1016/0304-4076(77)90052-5
   Google Scholar
• Ambrose, B., & Linneman, P. (1997). REIT organizational structure and operating characteristics. Journal of Real Estate Research, 21(3), 141–162.
   Google Scholar
• Ambrose, B., Ehrlich, R., Hughes, W., & Wachter, M. (2000). REIT economies of scale: Fact or fiction? The Journal of Real Estate Finance and Economics, 20(2), 211–224. doi:10.1023/A:1007881422383
   Web of Science ®Google Scholar
• Ambrose, B., Fuerst, F., Mansley, N., & Wang, Z. (2016). Assessing size effects and economies of scale in European real estate companies. Brussels: Publication office of EPRA. Retrieved from http://www.epra.com/research/academic-research
   Google Scholar
• Ambrose, B., Highfield, M., & Linneman, P. (2005). Real estate and economies of scale: The case of REITs. Real Estate Economics, 33(2), 323–350. doi:10.1111/j.1540-6229.2005.00121.x
   Web of Science ®Google Scholar
• Anderson, D. C., & Shelor, M. (1999). The financial performance of REITs following initial public offerings. Journal of Real Estate Research, 16(3), 375.
   Google Scholar
• Anderson, I., Springer, W., Webb, J., & Fok, R. (2002). Technical efficiency and economies of scale: A non-parametric analysis of REIT operating efficiency. European Journal of Operational Research, 139(3), 598–612. doi:10.1016/S0377-2217(01)00183-7
   Web of Science ®Google Scholar
• Anderson, R., Springer, T., & Lewis, D. (2003). The cost efficiency of real estate investment trusts: An analysis with Bayesian Stochastic frontier model. The Journal of Real Estate Finance and Economics, 26(1), 65–80. doi:10.1023/A:1021522231824
   Web of Science ®Google Scholar
• Ascherl, C., & Schaefers, W. (2018). REITs and REOCs and their initial stock market performance: A European perspective. Journal of European Real Estate Research, 11(1), 4–27. doi:10.1108/JERER-10-2016-0036
   Web of Science ®Google Scholar
• Battese, G. E., & Coelli, T. J. (1992). Frontier production functions, technical efficiency and panel data: With applications to paddy farmers in India. The Journal of Productivity Analysis, 3(1–2), 153–169.
   Google Scholar
• Bers, M., & Springer, M. (1997). Economies-of-scale for real estate investment trusts. Journal of Real Estate Research, 14(3), 275–291.
   Google Scholar
• Bers, M., & Springer, M. (1998). Sources of scale economies for REITs. Real Estate Finance, 3(15), 47–56.
   Google Scholar
• Bo‐Sin, T. J., Chun‐Kei, S., & Yat‐Hung, C. (2008). Time‐varying performance of four Asia‐Pacific REITs. Journal of Property Investment & Finance, 26(3), 210–231. doi:10.1108/14635780810871605
   Google Scholar
• Brounen, D., Ling, D., & Vaessen, H. (2016). The interest rate sensitivity of public real estate. Brussels: Publication office of EPRA. Retrieved from http://www.epra.com/research/academic-research
   Google Scholar
• Brounen, D., Mahieu, R., & Veld, H. (2013, July). The effects of shifting tax regimes an international examination of the REIT effect. Paper presented at Homer Hoyt Institute Weimer School Session, and at the 2013 Maastricht EPRI REIT Conference.
   Google Scholar
• Clayton, J., Eichholtz, P., Geltner, D., & Miller, N. (2007). Commercial real estate analysis and investments. Stow, OH: LEAP Publishing Services.
   Google Scholar
• Connors, D., & Jackman, L. (2000). The cost of equity capital for REITs: An examination of three asset-pricing models. Retrieved from https://dspace.mit.edu/bitstream/handle/1721.1/32204/48528695-MIT.pdf;sequence=2
   Google Scholar
• Cotter, J., & Richard, R. (2015). A comparative anatomy of residential REITs and private real estate markets: Returns, risks and distributional characteristics. Real Estate Economics, 43(1), 209–240. doi:10.1111/1540-6229.12059
   Web of Science ®Google Scholar
• Degryse, H., Goeij, P., & Kappert, P. (2010). The impact of firm and industry characteristics on small firm’s capital structure. Small Business Economics, 38(4), 431–447. doi:10.1007/s11187-010-9281-8
   Web of Science ®Google Scholar
• European Public Real Estate Association (EPRA). (2017, September). Ftse-epra-nareit monthly statistical bulletin September 2017. Brussels: Publication office of EPRA. Retrieved from http://prodapp.epra.com/media/Monthly_Statistical_Bulletin_September_2017_1506861911465_(1)_1506952902758.pdf
   Google Scholar
• Falkenbach, H., & Niskanen, J. (2012). Liquidity of European real estate equities: REITs and REOCs. International Journal of Strategic Property Management, 16(2), 173–187. doi:10.3846/1648715X.2011.587906
   Web of Science ®Google Scholar
• Gentry, W. M., Kemsley, D., & Mayer, C. J. (2003). Dividend taxes and share prices: Evidence from real estate investment trusts. Journal of Finance, 58(1), 261–282. doi:10.1111/1540-6261.00524
   Web of Science ®Google Scholar
• Harris, J. A. (2012). Real estate investment trust performance, efficiency and internationalization (Doctoral dissertation). Retrieved from http://stars.library.ucf.edu/cgi/viewcontent.cgi?article=3363&context=etd
   Google Scholar
• Henningsen, A. (2014). Introduction to econometric production analysis with R. Denmark: University of Copenhagen.
   Google Scholar
• Hoesli, M., & Oikarinen, E. (2014). Are public and private asset returns and risks the same? Evidence from real estate data. Journal of Real Estate Portfolio Management, 22(2), 179–198.
   Google Scholar
• Hoesli, M., & Oikarinen, E. (2014). Are public and private real estate returns and risks the same? Brussels: Publication office of EPRA. Retrieved from http://www.epra.com/research/academic-research
   Google Scholar
• Huynh, K. P., Paligorova, T., & Petrunia, R. (2018). Debt financing in private and public firms. Annals of Finance, 14(4), 465–487. doi:10.1007/s10436-018-0323-6
   Web of Science ®Google Scholar
• Isik, I., & Topuz, J. C. (2010). How efficient the REITs are upon entry? Paper presented at 2010 IABR & ITLC Conference Proceedings.
   Google Scholar
• Jong, L. H., & Tik, L. B. (2015). Portfolio performance of M-REITs before, during and after the global financial crisis. Paper presented at 21st Annual Pacific-Rim Real Estate Society Conference.
   Google Scholar
• Kawaguchi, Y., Jarjisu, S., & Shilling, J. (2012). REIT stock price volatility and the effects of leverage. Real Estate Economics, 45(2), 452–477. doi:10.1111/1540-6229.12153
   Web of Science ®Google Scholar
• Latipah, S., Tahir, H., & Zahrudin, Z. (2012). Measuring efficiency of real estate investment trust using data envelopment analysis approach. Paper presented at The Fifth Foundation of Islamic Finance Conference, Malaysia.
   Google Scholar
• Li, L. (2012). The determinants of REIT volatility. Connecticut: Real Estate Research Institute. Retrieved from https://www.reri.org/research/articlepdf/wp184.pdf
   Google Scholar
• Maudos, J., Pastor, J. M., Perez, F., & Quesada, J. (2002). Cost and profit efficiency in European banks. Journal of International Financial Markets, Institutions and Money, 12(1), 33–58. doi:10.1016/S1042-4431(01)00051-8
   Google Scholar
• McIntosh, W., Liang, Y., & Thompkins, L. (1991). An examination of the small-firm effect within the REIT industry. Journal of Real Estate Research, 6(1), 9–18.
   Google Scholar
• Mcintosh, W., Ott, S., & Liang, Y. (1995). The wealth effects of real estate transactions: The case of REITs. The Journal of Real Estate Finance and Economics, 10(3), 299–306. doi:10.1007/BF01096944
   Web of Science ®Google Scholar
• Miller, S. M., & Springer, T. M. (2007). Cost improvements, returns to scale, and cost inefficiencies for real estate investment trusts. Retrieved from http://dx.doi.org/10.2139/ssrn.1006300.
   Google Scholar
• Miller, S. M., Clauretie, T. M., & Springer, T. M. (2006). Economies of scale and cost efficiencies: A panel-data stochastic-frontier analysis of real estate investment. The Manchester School, 74(4), 483–499. doi:10.1111/j.1467-9957.2006.00505.x
   Web of Science ®Google Scholar
• Naranjo, A., & Ling, D. (2003). The dynamics of REIT capital flows and returns. Real Estate Economics, 31(3), 403–436. doi:10.1111/1540-6229.00071
   Web of Science ®Google Scholar
• National Association of Real Estate Investment Trusts (NARIT). (2017). Global real estate investment. Washington, DC: Publication office of NAREIT. Retrieved from https://www.reit.com/investing/global-real-estate-investment
   Google Scholar
• Newell, G., & Marzuki, J. M. (2018). The emergence of Spanish REITs. Journal of Property Investment & Finance, 36(5), 495–508. doi:10.1108/JPIF-05-2018-0032
   Web of Science ®Google Scholar
• Newell, G., Adair, A., & Nguyen, T. (2013). The significance and performance of French REITs (SIICs) in a mixed asset portfolio. Journal of Property Investment & Finance, 31(6), 575–588. doi:10.1108/JPIF-01-2011-0004
   Google Scholar
• Schacht, U., & Wimschulte, J. (2008). German property investment vehicles and the introduction of G‐REITs. Journal of Property Investment & Finance, 26(3), 232–246. doi:10.1108/14635780810871614
   Google Scholar
• Scherer, P. (1995). Investors capitalize on REIT's industry through LBOs. Business Credit, 97(9), 1–38.
   Google Scholar
• Sing, T. F., Sham, H. T., & Tsai, C. (2009). Are there efficiency gains for larger Asian REITs? Journal of Financial Management of Property and Construction, 14(3), 231–241. doi:10.1108/13664380911000459
   Google Scholar
• Topuz, J., Darrat, A., & Shelor, R. (2005). Technical, allocative and scale efficiencies of REITs: An empirical inquiry. Journal of Business Finance & Accounting, 32(9–10), 1961–1994. doi:10.1111/j.0306-686X.2005.00653.x
   Web of Science ®Google Scholar
• Van Dirk, B. (2018). Resource for private company data. Accessed September 28, 2018, from https://www.bvdinfo.com/en-gb
   Google Scholar
• Vogel, J. (1997). Why the conventional wisdom about REITs is wrong. Journal of Real Estate Finance, 14(2), 7–12.
   Google Scholar