Contagion and REIT Stock Prices

Chinmoy Ghosh, Randall S. Guttery () and C. F. Sirmans ()
Additional contact information
Randall S. Guttery: College of Business Administration University of North Texas Denton, Texas 76203-5339, http://www.coba.unt.edu/
C. F. Sirmans: School of Business Administration The University of Connecticut Storrs, Connecticut 06269-2041, http://www.sba.uconn.edu/index.htm

Journal of Real Estate Research, 1998, vol. 16, issue 3, pages 389-400

Abstract: This article investigates the contagious movement of real estate investment trust (REIT) stock prices in response to real estate news related to financial institutions' real estate portfolios. The basic hypothesis is that because real estate assets are traded infrequently, the market has incomplete information about their true value; thus, REIT stock prices react negatively to announcements of poorly performing real estate portfolios of financial institutions. Consistent with the hypothesis, significantly negative reactions to these announcements are found for a portfolio of sixty-nine REITs during the real estate crisis of 1989--91.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1998
View list of references View citations in EconPapers

Downloads: (external link)
http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol16n03/v16p389.pdf Full text (application/pdf)

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: http://EconPapers.repec.org/RePEc:jre:issued:v:16:n:3:1998:p:389-400

Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
http://aux.zicklin.b ... u/jrer/about/get.htm

Access Statistics for this article

Journal of Real Estate Research is edited by Dr. Ko Wang

More articles in Journal of Real Estate Research from American Real Estate Society
Address: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Series data maintained by JRER Graduate Assistant/Webmaster ().