Consultation on reforms to the real estate investment trust (REIT) regime: A) to explore the potential role social housing REITs could play to support the social housing sector; and B) to consider the tax treatment of REITs investing in REITs

Abnormal profits (or the lack thereof) for mutual funds in the stock market have been studied extensively in the literature (see e.g. Jensen (1968, 1969), Brown and Goetzmann (1995), Gruber (1996), Carhart (1997)). The common theme that emerges from these studies is that true riskadjusted abnormal profits are rare in stock portfolios held by mutual funds, and when found, such profits lack persistence. A useful methodology for examining abnormal performance is proposed by Daniel, Grinblatt, Titman and Wermers (1997), who distinguish between timing (the ability to be invested in broad portfolios representing a certain style when these outperform and to be out of them when they do...
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Consultation on reforms to the real estate investment trust (REIT) regime: A) to explore the potential role social housing REITs could play to support the social housing sector; and B) to consider the tax treatment of REITs investing in REITs