Are institutional investors the culprit of rising global house prices?
利用全球房地产投资信托基金（REITs）的监管差异，研究了2001-2022年15国57个城市中机构投资者进入对住房市场的影响，发现REIT资本流入推高了多户型房价并降低了租金。
Abstract Taking advantage of the standard regulation of real estate investment trusts (REITs) around the world, we study the implications for housing markets of the entry of institutional investors in 57 cities in 15 countries for the period 2001–2022. We employ an IV approach based on the exogenous demand for REITs by pension funds triggered by changes to the retired population. We show that residential equity REIT capital flows push up multifamily house prices, and are associated with declining rents, potentially affecting households' homeownership versus renting decisions. Estimating a CS‐ECM model, we find that REITs exert long‐run effects on housing markets.