scholarly journals RANDOM WALKS AND MARKET EFFICIENCY: EVIDENCE FROM REAL ESTATE INVESTMENT TRUSTS (REIT) SUBSECTORS

2018 ◽  
Vol 22 (2) ◽  
pp. 81-92
Author(s):  
Fahad ALMUDHAF ◽  
Andrew J. HANSZ
Keyword(s):  
Random Walk ◽  
Real Estate ◽  
Weak Form ◽  
Efficient Market Hypothesis ◽  
Real Estate Investment Trust ◽  
Shopping Centers ◽  
Real Estate Investment ◽  
Free Standing ◽  
Monthly Return ◽  
Manufactured Homes

This paper investigates the random walk behavior of real estate investment trust (REIT) subsectors using monthly return data from January 1994 to July 2015. Using variance ratio tests, we examine subsectors of lodging/resorts and self-storage and find that they do not follow a random walk, contradicting the weak-form efficient market hypothesis. Non-parametric runs tests help us find that office, industrial, mixed, free standing, shopping centers, apartments, manufactured homes, and timberland subsectors are weak-form efficient. The evidence in this study supports the idea that some subsec-tors are more informationally efficient than other subsectors.

The Introduction of Real Estate Investment Trusts [REITs] in Germany

2007 ◽  
Vol 8 (1) ◽  
pp. 133-142 ◽  
Author(s):  
Constantin M. Lachner ◽  
Rafael von Heppe
Keyword(s):  
Real Estate ◽  
Capital Market ◽  
Real Estate Investment Trust ◽  
Real Estate Investment ◽  
German Government ◽  
Corporate Capital ◽  
Retroactive Effect ◽  
Preparation Phase ◽  
In The Beginning ◽  
Lobbying Group

The German Real Estate Investment Trust – or, G-REIT – is in the centre of interest in Germany these days and expected to be introduced in Germany in the beginning of 2007. After a preparation phase initiated in 2003 by a lobbying group (“IFD”) under the former German government, the new government has most recently drafted a bill with respect to the introduction of G-REITs (“bill”). This bill remains to be subject to parliamentary discussion and is likely to be partially modified before its final adoption: in addition to its passage in the Bundestag (Federal Parliament), it requires the approval of the Bundesrat (German Federal Council). Following its first reading it will be committed to the Financial Committee, which will conduct hearings. However, the legislator intends to pass the bill in the first quarter of 2007 to take retroactive effect as of 1 January 2007. This essay intends to outline fundamental corporate, capital market, and tax related G-REIT parameters provided for by the G-REIT Act in its present form.

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