We reexamine the size effect by using Fama-French three-factor model to demonstrate that there indeed exists the size effect in EREITs market.

• 根据近代学者针对成熟国家探讨远汇市场的溢酬变化，其产生偏误的现象，归因于预期因子的偏误、存在随时俱变的风险溢酬等原因。