The Impact of the Revenue Reconciliation Act of 1993 on the Pricing Structure of Equity REITs

John L. Crain (), Mike Cudd () and Christopher L. Brown ()
Additional contact information
John L. Crain: Southeastern Lousiana University Hammond, LA 70402, http://www.selu.edu/
Mike Cudd: Southeastern Lousiana University Hammond, LA 70402, http://www.selu.edu/
Christopher L. Brown: Southeastern Lousiana University Hammond, LA 70402, http://www.selu.edu/

Journal of Real Estate Research, 2000, vol. 19, issue 3, pages 275-285

Abstract: Tax legislation included in the Revenue Reconciliation Act of 1993 made large-scale investments in equity real estate investment trusts (REITs) more desirable to institutional investors. Other studies have observed an increased level of institutional ownership in REITs during the timeframe following passage of the act. Based on an analysis of equity REITs before and after passage of the Act, the present study finds that its passage coincided with a significant change in the role of unsystematic risk in the pricing of equity REITs.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2000
View list of references

Downloads: (external link)
http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol19n03/v19p275.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:jre:issued:v:19:n:3:2000:p:275-285

Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
http://aux.zicklin.b ... u/jrer/about/get.htm

Access Statistics for this article

Journal of Real Estate Research is edited by Dr. Ko Wang

More articles in Journal of Real Estate Research from American Real Estate Society
Address: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Series data maintained by JRER Graduate Assistant/Webmaster ().