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Institutional Investment in REIT Common Stocks: An Examination of the Prudent Man Investment Hypothesis

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  • Scott Below
  • Stanley Stansell
  • Mark Coffin

Abstract

Executive Summary. This study examines the determinants of institutional investment demand for real estate investment trust (REIT) common stock and whether institutional investment decisions are influenced by REIT financial ratios. We estimate the institutional investor demand function using a common set of financial ratios. We perform several different analyses using linear regression and two types of neural network models. The results indicate that some financial ratios appear to influence institutional investment decisions, and that preferences for many ratios change over time. Finally, the results indicate that in terms of prediction, the linear regression models are generally superior to the two neural network models.

Suggested Citation

  • Scott Below & Stanley Stansell & Mark Coffin, 2000. "Institutional Investment in REIT Common Stocks: An Examination of the Prudent Man Investment Hypothesis," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 6(2), pages 113-130, January.
    • Handle: RePEc:taf:repmxx:v:6:y:2000:i:2:p:113-130
    DOI: 10.1080/10835547.2000.12089602
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