IDEAS home Printed from https://ideas.repec.org/a/taf/repmxx/v19y2013i1p17-30.html
   My bibliography  Save this article

The Impact of Institutional Ownership on REIT Performance

Author

Listed:
  • Nicolai Striewe
  • Nico Rottke
  • Joachim Zietz

Abstract

Executive Summary. We analyze whether or not changes in institutional ownership impact the alpha returns and operating performance of real estate investment trusts (REITs). We employ panel data for 155 U.S. REITs for the 1998:Q1 to 2010:Q4 period. The identification strategy uses Fama-MacBeth firm fixed-effects and two-stage least squares fixed-effects regressions to measure the performance impact of changes in institutional ownership. We find a significant and positive impact of increases in institutional ownership on alpha returns. An interaction term shows a diminishing marginal impact with higher levels of institutional ownership. An increase in institutional ownership also yields larger values for Tobin's Q within three quarters and a higher return on assets within five quarters following an institutional ownership increase.

Suggested Citation

  • Nicolai Striewe & Nico Rottke & Joachim Zietz, 2013. "The Impact of Institutional Ownership on REIT Performance," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 19(1), pages 17-30, January.
    • Handle: RePEc:taf:repmxx:v:19:y:2013:i:1:p:17-30
    DOI: 10.1080/10835547.2013.12089939
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/10835547.2013.12089939
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/10835547.2013.12089939?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Daniel Huerta & Thanh Ngo & Mark K. Pyles, 2024. "Market and Institutional Ownership Reactions to REIT Security Issuances," The Journal of Real Estate Finance and Economics, Springer, vol. 69(1), pages 164-199, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:repmxx:v:19:y:2013:i:1:p:17-30. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/repm20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.