REIT Organizational Structure, Institutional Ownership, and Stock Performance

Paul Brockman, Dan French and Chris Tamm

Journal of Real Estate Portfolio Management, 2014, vol. 20, issue 1, 21-36

Abstract: Research has shown that externally-advised equity real estate investment trusts (REITs) underperformed internally-advised REITs prior to 1993. We contend that an increase in monitoring by institutional investors beginning in 1993 would drive externally-advised REITs to mitigate problems associated with the external advisor relationship and improve performance. We confirm that externally-advised REITs performed poorly before 1993 and show that this under- performance does not persist in 1993 and later years. This performance improvement coincides with increases in institutional ownership of REIT stocks. We present evidence that supports the notion that monitoring by institutional investors helped equalize the performance of externally- and internally-advised REITs after 1993.

Date: 2014
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/10.1080/10835547.2014.12089966 (text/html)
Access to full text is restricted to subscribers.

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: https://EconPapers.repec.org/RePEc:taf:repmxx:v:20:y:2014:i:1:p:21-36

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/repm20

DOI: 10.1080/10835547.2014.12089966

Access Statistics for this article

Journal of Real Estate Portfolio Management is currently edited by Peng Liu and Vivek Sah

More articles in Journal of Real Estate Portfolio Management from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().