REIT Return Behavior In Advancing and Declining Stock Markets

(with Edward F. Nelling)

Selected papers by Michael A. Goldstein are available on SSRN at http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=54604


Real Estate Finance


The authors examine the diversification benefits of investing in common shares of real estate investment trusts (REITs). They compare returns on equity and mortgage REITs with returns on common stocks and debt securities and with the rate of inflation. The returns on the two REIT classes exhibit different properties in advancing and declining markets. Mortgage REITs show superior hedging characteristics when equity markets decline but at the cost of reduced returns in advancing equity markets.


Finance and Financial Management | Portfolio and Security Analysis | Real Estate

Recommended Citation

Goldstein, Michael A., Edward F. Nelling. 1999. "REIT Return Behavior In Advancing and Declining Stock Markets." Real Estate Finance 15, no. 4: 68-77.

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