Institutional Investors’ Preferences for REIT Stocks
用Tobit回归分析发现，流动性约束显著影响机构投资者对REIT股票的投资，且机构投资者相比其他投资者更偏好规模大、流动性高的REIT股票。
This article investigates the determinants of real estate investment trusts (REIT) portfolio investment and institutional REIT ownership using multivariate Tobit regressions. We contend that many institutional investors take larger positions in more liquid assets like REIT stocks, as compared with private real estate equities, because of liquidity considerations. Consistent with this contention, we find that liquidity constraints are significantly related to REIT portfolio investment by institutional investors. We also find that institutional investors have different preferences for REIT stocks than do other investors; they generally prefer larger, more liquid REIT stocks.