标题：Long-run inflation-hedging properties of United State equity real estate investment trusts (REITs): Before and after the structural break in the 1990s
摘要：This study is the first to demonstrate a change in the long-run, in inflation-hedging properties of United State real estate investment trusts (REITs) before and after the early 1990s. In particular, REITs served as a hedge for expected inflation after the structural break, but not before. In addition, the changes appear to be driven by large-cap REITs. These findings are consistent with the view that increased institutional involvement in the REIT market after the break improved information flow and helped REIT prices to more accurately reflect the performance of underlying real estate (Ziering et al., 1997).
