Hoesli, MartinOikarinen, Elias2021-05-252021-05-252021Hoesli, M & Oikarinen, E 2021, 'Does listed real estate behave like direct real estate? Updated and broader evidence', Applied Economics, vol. 53, no. 26, pp. 3032-3042. https://doi.org/10.1080/00036846.2020.18709210003-6846ORCID: /0000-0003-2173-1200/work/147046559https://hdl.handle.net/2164/16537Acknowledgments We thank the European Public Real Estate Association (EPRA) for providing REIT market data, and an anonymous referee for helpful comments. The paper also benefited from comments received at the conferences of the American Real Estate Society (ARES) in April 2019 in Phoenix (USA), the European Real Estate Society (ERES) in July 2019 in Cergy-Pontoise (France), and EPRA in September 2019 in Madrid (Spain). Funding This work was supported by the European Public Real Estate Association.22928873englisted real estateREITsportfolio diversificationpanel regressionHD28 Management. Industrial ManagementHD28Journal article10.1080/00036846.2020.18709215326