주식시장에서 상장REITs 가격의 네트워크 특성 = Network characteristics of Listed REITs in the Stock Market

다국어 초록 (Multilingual Abstract)

This study analyzes the static and dynamic characteristics of Real Estate Investment Trusts (REITs) in the stock market using the network-based Minimum Spanning Tree (MST) methodology. The analysis is conducted using weekly stock prices over 181 weeks, from January 2021 to June 2024, covering KOSPI 200 stocks and 11 listed REITs. The key findings indicate that, in terms of static characteristics, listed REITs tend to occupy peripheral positions within the stock market network and form distinct clusters. In terms of dynamic characteristics, the network structure exhibits time-varying properties, with correlations rising sharply during periods of REIT market downturns. These insights offer valuable implications for dynamic asset allocation strategies and risk management. Specifically, listed REITs can be effectively utilized to diversify investments within the REIT sector or to construct balanced portfolios incorporating both REITs and general equities.