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New Insights into the NAV Spread Puzzle of Listed Real Estate: Idiosyncratic and Systematic Evidence

Weis, Christian ; Woltering, René-Ojas ; Sebastian, Steffen P.


This paper presents novel insights into the NAV spread puzzle of listed real estate. We find 1) that increasing company size reduces NAV discounts and increases NAV premiums which can be explained by economies of scale and the popularity of large stocks among investors. 2) Increasing company-specific risk increases the discount as risk of potential default decreases attractiveness among ...


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