Do Stock Prices Really Reflect Fundamental Values? The Case of REITs
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Real estate investment trust (REIT) stock prices deviate substantially from net asset values (NAV). Using REIT data since 1990, we find large positive excess returns to a strategy of buying stocks that trade at a discount to NAV, and shorting stocks trading at a premium to NAV. Estimated alphas from
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美国国家经济研究局创建时间：
2004-10-01
