Abstract More than 30 countries have introduced real estate investment trusts (REITs). One main objective is to attract foreign investors and improve the liquidity of the respective listed property sector. We investigate whether the introduction of REITs meets this objective by using the South African listed property sector as a laboratory. In particular, we employ panel data to investigate whether converting to REITs improved the liquidity of listed South African property firms through foreign investments. We find that foreign investor trading after the introduction of REITs has a significantly positive impact on activity measures such as turnover and trading volume. On the other hand, the significantly negative impact of foreign investor trading on friction measures such as bid-ask spread and Amihud's (2002) illiquidity measure, which was prevalent in the pre-REIT period, disappears once REITs were introduced. Thus, the introduction of REITs eliminated the impact of foreign investments on the depth and ...

中文翻译：

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引入 REITs 对南非外国投资和流动性的影响

摘要 30多个国家引入了房地产投资信托（REITs）。一个主要目标是吸引外国投资者并提高相应上市房地产行业的流动性。我们以南非上市的房地产行业为实验室，研究引入 REITs 是否符合这一目标。特别是，我们使用面板数据来调查转换为 REITs 是否通过外国投资改善了上市的南非房地产公司的流动性。我们发现引入 REITs 后的外国投资者交易对营业额和交易量等活动指标具有显着的积极影响。另一方面，外国投资者交易对买卖价差和 Amihud (2002) 的非流动性指标等摩擦指标的显着负面影响，在 REIT 之前的时期很流行，但在引入 REITs 后就消失了。因此，REITs的引入消除了外国投资对深度和...的影响。