31/01/2007

J-REIT Market Trends -- Implications of the Growth of Index Funds

Financial Research Department Economic Research Department Researcher Hiroto Iwasa 

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Propelled by attractive dividend yields and the real estate market recovery, the five-year-old J-REIT market has grown impressively in terms of market capitalization and number of listings. Meanwhile, J-REIT index funds have gained prominence as major investors. Generally, when index funds attain an excessive market share, adverse effects can arise in the form of abnormal returns and inefficiency. We confirmed the existence of abnormal returns and observed possible signs of reduced efficiency in the J-REIT market.

Financial Research Department   Economic Research Department Researcher

Hiroto Iwasa

Research field

03-3512-1858

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