The Stock Performance of Securitized Real Estate and Master Limited Partnerships
研究了1981至1991年间144家持有房地产等资产的业主有限合伙企业的股票表现，发现其风险调整后收益低于市场，表明该组织形式并非持有房地产的优越工具。
This paper examines the stock performance of 144 master limited partnerships (MLPs) holding real estate and other types of assets. MLP stocks were found to underperform the market on a risk‐adjusted basis during the period 1981–1991. The evidence indicates that the MLP organizational form has not been a superior vehicle for holding real estate. Also, the performance of real estate MLP stocks is similar to the performance of the stocks of other types of MLPs and that of real estate MLP stock performance is comparable to the performance of real estate investment trust stocks.