本栏主要包含三篇关于REITS的论文，具体如下：
1.Institutionalinvestorsasmonitorsofcorporatediversificationdecisions:Evidencefromrealestateinvestmenttrusts
JournalofCorporateFinance,Vol.25,April,Pages61-72
Hartzell,Jay.C;TheUniversityofTexasatAustin
Sun,Libo.;CollegeofBusinessAdministration
Titman,Sheridan.;TheUniversityofTexasatAustin
Abstract
Determiningwhetherdiversificationaddsordestroysvalueisnotoriouslydifficult,leavingopenthequestionofthedegreetowhichanydiversificationdiscountcanbeaffectedbymanagementqualityandoversight.Thisstudyusestheuniquesettingofrealestateinvestmenttrusts(REITs),whichcandiversifyoverpropertytypesaswellaslocations,toexaminethisissue.WefindthatREITsthatdiversifybyinvestinginmorelocationstendtobevaluedlowerthanREITswithatightergeographicalfocus.Moreimportantly,ourresultssuggestthatthediversificationdiscountislowerforfirmswithmoreinstitutionalownership,especiallyinstitutionaltypesthattendtobemoreactivemonitors.
