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Article

Securitization and the Supply Cycle: Evidence from
the REIT Market

Frank Packer, Timothy Riddiough and Jimmy Shek
The Journal of Portfolio Management Special Real Estate Issue 2013, 39 (5) 134-143; DOI: https://doi.org/10.3905/jpm.2013.39.5.134
Frank Packer
is head of economics and financial markets of the Representative Office for Asia and the Pacific at the Bank for International Settlements in Hong Kong.
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  • For correspondence: frank.packer@bis.org
Timothy Riddiough
holds the E.J. Plesko Chair and is a professor in the Department of Real Estate and Urban Land Economics at the University of Wisconsin School of Business in Madison, WI.
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  • For correspondence: triddiough@bus.wisc.edu
Jimmy Shek
is a statistical analyst of the Representative Office for Asia and the Pacific at the Bank for International Settlements in Hong Kong.
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  • For correspondence: jimmy.shek@bis.org
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Abstract

We analyze securitized equity interests in commercial property (the so-called listed REIT market), with a particular focus on the U.S. experience. We begin by observing that there is a strong negative relationship between new commercial property construction activity and the growth of the U.S. REIT market. Based on this and other relevant factors, we conjecture that an important reason for the muted commercial property supply response during the early and mid-2000s was the “civilizing influence” of the REIT sector. A formal test of the conjecture suggests that the REIT market indeed moderated supply outcomes in the U.S. Relationships between the REIT market and new construction activity are generally weaker in other analyzed countries, where we attribute these findings to structural differences. We conclude that attention to structural detail is essential in order to maximize the benefits associated with creating a transparent and liquid market for securitized investment interests.

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The Journal of Portfolio Management: 39 (5)
The Journal of Portfolio Management
Vol. 39, Issue 5
Special Real Estate Issue 2013
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Securitization and the Supply Cycle: Evidence from
the REIT Market
Frank Packer, Timothy Riddiough, Jimmy Shek
The Journal of Portfolio Management Sep 2013, 39 (5) 134-143; DOI: 10.3905/jpm.2013.39.5.134

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Securitization and the Supply Cycle: Evidence from
the REIT Market
Frank Packer, Timothy Riddiough, Jimmy Shek
The Journal of Portfolio Management Sep 2013, 39 (5) 134-143; DOI: 10.3905/jpm.2013.39.5.134
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  • Article
    • Abstract
    • HYPOTHESIS DEVELOPMENT: TEMPERED SUPPLY RESPONSE AND THE REIT MARKET EFFECT
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