Introduction to Special Issue of JREFE on REITs
James D. Shilling
Published online: 7 October 2010
Springer Science+Business Media, LLC 2010
Abstract This paper is an introduction to a special issue of the Journal of Real
Estate Finance and Economics (JREFE) devoted to papers on Real Estate Investment
Trusts (REITs). The papers were especially written for a conference sponsored by the
National Association of Real Estate Investment Trusts. The papers deal with the
theoretical and empirical aspects of REIT underwriting behavior, corporate
governance, asset pricing, takeovers and going-private transactions, capital-market
based financing, changes in monetary policy and changes in REIT stock prices, and
risk-bearing and liquidity.
This special issue of JREFE presents ten papers that were presented at a
conference sponsored by the National Association of Real Estate Investment
Trusts (NAREIT), which took place in Chicago, Illinois, October 24–25, 2008.
The conference was organized and hosted by DePaul University.
All papers went
through the typical JREFE review process. The papers cover a wide range of
topics, from investigations of REIT underwriting behavior to corporate governance
issues, to asset pricing, both locally and globally, to takeovers and going-private
transactions, to capital-market based financing, to the relation between change in
monetary policy and change in stock prices, and to risk-bearing and liquidity.
REITs are investment vehicles of vast importance to real estate investors. In
theory, these organizations allow real estate investors to diversify risk and increase
liquidity. These benefits come at a cost, however. Tradable REIT shares create
fundamental conflicts between the shareholders who bear the risk and the REIT
J Real Estate Finan Econ (2011) 43:1–4
I would like to thank Mike Grupe, Brad Case, C.F. Sirmans, and the invited paper authors and referees
who contributed to the success of the conference. I would also like to thank the National Association of
Real Estate Investment Trusts and DePaul University for financial support.
J. D. Shilling (*)
DePaul University, Chicago, IL 60604, USA