Changes in REIT Structure and Stock Performance: Evidence from the Monday Stock Anomaly
研究发现1990年代机构持股比例高的REIT在周一表现更好，且1990年代上市的REIT推动了这一变化，表明REIT结构变化使其更像普通股票。
It is well documented that REITs in the 1990s experienced significant changes in their structure and attracted greater institutional participation. This article finds that REIT stocks with higher institutional holdings perform better on Monday than REITs with lower institutional holdings during the 1990s, but not in the 1980s. Furthermore, REITs that went public in the 1990s are the ones associated with the shift in the Monday return pattern. Our study supports the claim that the change in REIT structure and the increase in institutional participation in the REIT market in the 1990s make REIT stocks behave more like other equities in the stock market.