The Role of Institutional Investors in Thai REITs
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Abstract
Institutional investors play an important role in capital markets, for example, capital intermediation, governance monitoring, and identifying investment opportunities. In this article, we document the different roles that public and private institutional investors play in the development of the Thai REIT market. We find that they aid in the price discovery process of REIT IPOs and are rewarded for their participation, although through different means. Public institutional investors play a greater role during the early years when the market was less liquid, while private institutional investors are more active in latter years after a regulatory change in the legal structure of REITs. Our findings shed light on the complementary role that public and private institutional investors play in financial market development.
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