Abstracts for Vol.
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This study documents the wide deviation of securitized real estate assets in equity REITs from the value of the underlying commercial properties. The discounts and premiums from net asset value do not translate into higher cash flow yields. Some studies argue that REIT shares behave more like the stock market, than real estate. Even when quarterly lags of up to two years are examined, these distributions also tend to be weakly correlated with one another. Of the three fundamental components, the long-run path of prices exhibited the strongest relationship.