An Examination of the Small-Firm Effect within the REIT Industry

Willard McIntosh, Youguo Liang and Daniel L. Tompkins
Additional contact information
Willard McIntosh: Center for Real Estate Studies College of Business and Economics University of Kentucky Lexington, Kentucky 40506, http://gatton.uky.edu/RBOC/CRES/cres.html
Youguo Liang: Finance Department College of Business Administration Cleveland State University Cleveland, Ohio 44115, http://www.csuohio.edu/finance_department/index.htm
Daniel L. Tompkins: School of Management University of Michigan-Dearborn Dearborn, Michigan 48128, http://www.som.umd.umich.edu/index.html

Journal of Real Estate Research, 1991, vol. 6, issue 1, 9-18

Abstract: Real estate investment trusts (REITs) offer investors the ability to more easily include real estate-related assets in their investment portfolios. Certain REIT characteristics may allow some REITs to outperform others. Empirical research in the financial literature indicates that small firms earn higher average rates of return than large firms after accounting for risk. This research tests for the existence of the small-firm effect within the REIT industry. REITs provide an opportunity to examine the small-firm effect and its possible explanations using a relative homogeneous group of securities. The evidence supports a small-firm effect for REITs over the time period examined even after considering the possible explanations identified in the financial efficient markets literature.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1991
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Citations: View citations in EconPapers (31)

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