Abstract
This study examines the relationship between retail REITs, retail stocks and retail real estate during the period 1983 through 1991. Evidence of a positive contemporaneous relationship between retail stocks and retail REITs, even after controlling for the market return, is found. However, no positive evidence is found for a relationship between retail real estate and either retail REITs or retail stocks. Some evidence of a negative relationship between office and R&D office real estate and lagged retail REIT and lagged retail stock returns is found, although these results are very weak. The evidence for the contemporaneous relationship between retail REITs and retail stocks suggests the presence of some shared fundamental factor (or factors) in addition to the market return. The presence of this factor(s) may be partly accounted for by overage rents. However, the lack of a relationship between retail real estate and either retail REITs or retail stocks places the significance of such factors in some doubt.
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