Real Estate and Economies of Scale: The Case of REITs
研究了房地产投资信托（REITs）的规模经济效应，发现大型REITs增长前景更好、成本更低、盈利能力更强，且系统风险和资本成本更低，表明行业整合可提升效率。
Building on past research in the economies‐of‐scale debate, we test for scale economies in real estate investment trusts (REITs) by examining growth prospects, revenue and expense measures, profitability ratios, systematic risk and capital costs. Overall, we find that large REITs are increasing growth prospects while succeeding at lowering costs, leading to a direct relationship between firm profitability and firm size. Additionally, we find an inverse relationship between equity betas and firm size, and for all cost of capital measures we find significant scale economies. Further evidence from the stochastic frontier analysis suggests efficiency opportunities appear possible through continued growth and consolidation in REITs.