本文研究股票REIT（EREITs）收益如何受到税收的影响
和杠杆。这项研究的动机是以前的研究表明，在2007-2008年金融风暴之前，REITs的税收回报率明显高于没有税收。

This paper investigates how equity REIT (EREITs) returns are affected by tax
and leverage. This study is motivated by previous study stating that returns of REITs with taxes are significantly higher than that without taxes before the 2007-2008 financial turmoil.

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