The Internationalization of Real Estate Research

The contributions of international researchers and institutions to real estate literature for the 1990 to 2006 period are assessed. Both the Asia-Pacific and European regions increase their influence on the top tier of real estate literature. The North American region, while still the dominant source of real estate research, sees its weighted share of publications in the top tier of academic real estate journals decline. Universities from Singapore, Hong Kong, Australia, the United Kingdom, Sweden, and the Netherlands are leaders in their respective regions. Individual researchers domiciled outside of North America are also gaining influence, but few individuals rank high when compared to North American authors. It is anticipated that these trends will continue given the global growth in real estate as an asset class, the importance of real estate investment in countries posting substantial economic growth, and the allocation of resources and human capital within these growing regions to real estate research.

Influential Journals, Institutions and Researchers in Real Estate

A threshold citation approach is used to measure the research influence of academic real estate journals, institutions and individual researchers. Real Estate Economics followed by The Journal of Real Estate Finance and Economics and Journal of Real Estate Research are the most influential real estate journals. Almost 63% of heavily cited works in core real estate journals are published in real estate journals. Twenty-one percent of the heavily cited works are published in Real Estate Economics. An overwhelming 80% of the citations of the 21 most heavily cited papers in real estate come from articles published in real estate journals. Even when real estate articles are published in top-tier finance and economics journals, the majority of the citations associated with these articles come from top real estate journals. This provides strong evidence of the existence of a distinct real estate research discipline. As compared to prior studies, an expanded universe of institutions is found to influence real estate research. Research-extensive universities generating high-quality economics, statistics and finance research influence the real estate discipline. The individuals that are most influential, however, are generally those with substantial real estate discipline specific research. Copyright 2006 American Real Estate and Urban Economics Association

Real Estate Investment Trusts and Calendar Anomalies: Revisited

Initial research on calendar anomalies has shown their existence for real estate investment trusts (REITs) and for the general stock market. Recent studies of the general stock market, however, have shown that these anomalies have disappeared or been reversed over time. The present research updates existing REIT calendar anomaly research through the use of value-weighted and equal-weighted REIT indices and the decomposition of income and capital returns. From 1994 to 2002, the presence of calendar anomalies is sensitive to the use of REIT index type as well as the dividend yield and capital yield components. The use of the value-weighted index eliminates the appearance of calendar anomalies in REITs.

The Ex-Dividend Pricing of REITs

Past studies have shown that ex-dividend stock prices are not fully reflective of dividend payments. A tax-induced clientele effect and micromarket limitations in stock pricing have been used to explain this pricing anomaly. This study focuses on the ex-dividend behavior of real estate investment trusts (REITs). Due to a low correlation between dividend size and dividend yield, REITs permit a cleaner examination of a tax-induced clientele effect. The results indicate that tick constraints in pricing ex-dividend stocks create the appearance of a tax-induced clientele effect in REITs when none should exist. Copyright 2002 American Real Estate and Urban Economics Association.