@phdthesis{theses_frw993,
          author = {S. Ee},
           title = {What drives REIT returns?},
            year = {2019},
             url = {https://frw.studenttheses.ub.rug.nl/993/},
        abstract = {REITs are a hybrid security with some features of stocks, bonds, and real estate. On the one hand they are traded on common stock exchanges, but on the other hand, the relatively stable cash flow has a more similar appearance to the cash flow from bonds. Lastly, the underlying asset is real estate. Hence, the hybrid nature of REITs, questions their role as a diversifier in a mixed-asset portfolio. The debate regarding how REITs should be priced is still continuing. This paper addresses those issues by determining what drives REIT stock returns. Recently, Fama and French published a new asset pricing model for pricing common stocks. This five factor model uses a market, size, value, profitability and investment factor to explain stock returns. The aim of this study is to examine whether this five-factor model of Fama-French, in combination with a real estate factor, explains REIT stock returns as well.}
}