Speculative Trading in Reits
Benjamin M. Blau
Utah State University - Huntsman School of Business
Ryan J. Whitby
Utah State University
May 16, 2013
The role of speculative trading in markets is often debated. The recent extremes in the real estate economic cycle has created an ideal setting to investigate the role of speculative trading in the marketplace. Specifically, we focus on speculative trading in REITs during the recent boom and bust in real estate. While we find a strong relationship between speculative trading in REITs and the economic cycle, we do not find evidence that speculative trading is related to future returns. Increased speculative trading is apparent in REITs during the boom years, but the level of speculative trading in REITs is unrelated to the negative returns in REITs exhibited after the bust.
Number of Pages in PDF File: 39
Keywords: Speculative Trading, REITs, Real Estate Bubble
Date posted: May 17, 2013
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