Ziman Center Research Page Ziman Center Home Page

CRSP/Ziman Data Series

Real estate represents a large percentage of this country’s wealth, and as such, real estate investments should be an important and active area for academic research. Unfortunately, this research has been hampered by a lack of research-quality data.

To become a catalyst for real estate related research, the Ziman Center has partnered with the Center for Research in Security Prices (CRSP) at the University of Chicago to develop what is called the CRSP/Ziman Data Series.  This data series is a unique research resource whose development merges CRSP’s experience in academic-quality financial database and indices creation with the Ziman Center’s expertise in real estate
markets and the collection of real estate data.

The first product of this series, a REIT database, was released in early 2005. Combining stock price and returns data with carefully researched information regarding the population characteristics, and history of REITs, the CRSP/Ziman database provides firm-specific information and indices essential to analyses involving this important asset class.

Daily and monthly indices are computed with both equal- and value-weighting for subsets defined by type of REIT and the types of properties predominately held by equity REITs. This new database includes several qualitative measures detailing market capitalizations, concentrations, and changes in index composition. These are particularly important for evaluating the information in thinly populated index series which were common during the 1980s.

By providing this information on all REITs that have traded on the three primary exchanges since 1980, the CRSP/Ziman Real Estate Data Series allows for time-series and events studies, measurement of performance, accurate benchmarking, and in-depth analysis of the individual securities.

Key Features include:

  • Includes all REITs that have traded on the NYSE, AMEX and NASDAQ exchanges since 1980
  • Contains series of indices based on all REITs and subsets of REITs based on REIT type and property type
  • Contains underlying individual security information for the indices
  • Includes qualitative measures important for evaluating information in thinly populated index series (Herfindahl-Hirschman Index & Concentration Ratios)
  • Identifies changes in REIT status for the universe of publicly-traded REITs
  • Delivery: annually or monthly depending on research requirements on a CD

Unique Aspects:

Indices:

  • Daily and monthly are available; Equal and value weighted
  • REIT and property type
  • Herfindahl-Hirschman Index & Concentration Ratios

Individual Securities:

  • CRSP Permanent Identifier
  • Name, price, share count, and return information
  • REIT type, property type information
  • Identification of changes in REIT status for publicly traded REIT universe
    450+ REITs: equity, mortgage and hybrid

To order a subscription to the data series, please email
subscriptions@crsp.uchicago.edu or call 773-834-6850.

http://www.crsp.chicagogsb.edu/index.html
http://www.crsp.chicagogsb.edu/products/ziman.htm
Ziman Center Footer