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首页> 外文期刊>Journal of Real Estate Portfolio Management >REIT Organizational Structure, Institutional Ownership, and Stock Performance
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REIT Organizational Structure, Institutional Ownership, and Stock Performance

机译：房地产投资信托基金的组织结构，机构所有权和股票绩效

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摘要

Research has shown that externally-advised equity real estate investment trusts (REITs) underperformed internally-advised REITs prior to 1993. We contend that an increase in monitoring by institutional investors beginning in 1993 would drive externally-advised REITs to mitigate problems associated with the external advisor relationship and improve performance. We confirm that externally-advised REITs performed poorly before 1993 and show that this under-performance does not persist in 1993 and later years. This performance improvement coincides with increases in institutional ownership of REIT stocks. We present evidence that supports the notion that monitoring by institutional investors helped equalize the performance of externally- and internally-advised REITs after 1993.
机译：研究表明，在1993年之前，外部建议的股票房地产投资信托（REIT）的表现不及内部建议的REIT。我们认为，从1993年开始机构投资者的监管增加将驱使外部建议的REIT缓解与外部相关的问题。顾问关系并提高绩效。我们确认，在1993年之前，外部咨询的REIT表现不佳，并表明这种表现不佳的现象不会在1993年及以后的年份中持续存在。业绩改善与房地产投资信托基金的机构所有权增加同时发生。我们提供的证据支持这样一种观点，即机构投资者的监督有助于使1993年以后的内部和外部建议房地产投资信托基金的表现均等。

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