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Executive Summary. Researchers have been interested in investigating the role of Real Estate Investment Trusts (REITs) in institutional portfolios since their debut in the financial market over four decades ago. The cyclical popularity and performance of various types of REITs as well as the availability of daily returns data for REITs have provided researchers a fruitful and unique area of examination. This study explores the recent financial economics literature on the environment and performance of REITs by extending the 1995 work of Corgel, McIntosh and Ott.
Zietz et al. (2003) studied this question.