Global Financial Integration and Real Estate Security Returns
Ashok Bardhan,
Robert Edelstein and
Desmond Tsang
Real Estate Economics, 2008, vol. 36, issue 2, 285-311
Abstract:
Have globalization and increasing economic and financial integration affected the rates of return of publicly traded real estate companies around the world? Using a set of multifactor models for annual data for 946 firms from 16 countries over the sample period, 1995–2002, we estimate the impact of a country's economic openness on returns of publicly traded real estate firms, controlling for the effects of global capital markets, domestic macroeconomic conditions and firm‐specific variables. We find that a country's real estate security excess (risk‐adjusted) returns are negatively related to its openness. The results are robust across different multifactor model specifications and are a testament to increasing global financial integration and its interplay with the real estate sector.
Date: 2008
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https://doi.org/10.1111/j.1540-6229.2008.00214.x
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Persistent link: https://EconPapers.repec.org/RePEc:bla:reesec:v:36:y:2008:i:2:p:285-311
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