Search cost and information disadvantage in real estate market: an analysis of return performance about A-REITs

Yuan Zhu

ERES from European Real Estate Society (ERES)

Abstract: Based on search cost and information asymmetry and using a two-level setting with REITs, we want to figure out whether there is a significant total return performance difference between local and overseas properties among A-REITs. The results are consistent with search cost theory and then we want to explore the reason why the REITs managers still like to conduct overseas acquisition under property-level return performance disadvantage. We compare A-REITs which hold overseas properties (International A-REITs) and A-REITs which just hold local properties (Pure A-REITs) and further explain this by our analysis of marginal investors’ behavior.

Keywords: Information Asymmetry; Portfolio return; REITs; Search cost (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2023-01-01
New Economics Papers: this item is included in nep-ure
References: Add references at CitEc
Citations:

Downloads: (external link)
https://eres.architexturez.net/doc/oai-eres-id-eres2023-348 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2023_348

Access Statistics for this paper

More papers in ERES from European Real Estate Society (ERES) Contact information at EDIRC.
Bibliographic data for series maintained by Architexturez Imprints ().