Cross-Border Investment and Firm Liquidity

George D. Cashman, David M. Harrison, Michael Seiler () and Hainan Sheng

Journal of Real Estate Portfolio Management, 2016, vol. 22, issue 2, 105-127

Abstract: Executive Summary. We investigate the influence of interjurisdictional, geographic-based information barriers on the financial transparency and liquidity of real estate organizations across the Asia-Pacific region. Given both the unique regulatory distribution requirements across this industry and the capital-intensive nature of most real estate investment activities, firms within this market sector face unique, substantive financing concerns. As a consequence, financial transparency and liquidity are of increased importance to firms within this industry. Consistent with this paradigm, we find strong evidence that Asia-Pacific real estate firms facing enhanced levels of political risk and uncertainty are characterized by higher information barriers, and exhibit reduced financial market liquidity as measured by wider bid-ask spreads.

Date: 2016
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DOI: 10.1080/10835547.2016.12089986

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