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- Publisher Website: 10.1007/s11146-010-9245-4
- Scopus: eid_2-s2.0-79957651278
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Article: How Do Institutional Factors Affect International Real Estate Returns?
Title | How Do Institutional Factors Affect International Real Estate Returns? |
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Authors | |
Keywords | Accounting standards Corporate governance Country risks International real estate returns Legal environment REITs |
Issue Date | 2011 |
Citation | Journal of Real Estate Finance and Economics, 2011, v. 43, n. 1, p. 130-151 How to Cite? |
Abstract | Prior international real estate studies recognize the importance of country-specific factors for explaining real estate security returns. Using firm level observations from the FTSE NAREIT/EPRA Index for 2004-2006, we construct a set of multifactor multivariate statistical regression models to identify and pin-point country-specific institutional features that determine differences for excess real estate security returns. Our analyses indicate that the excess real estate returns (i. e., required risk premiums) are, in part, determined by the quality of a country's legal system and the corporate governance environment, controlling for various country-specific macro-economic variables and firm-level characteristics. We further find that the impact of institutional factors on international real estate returns is more prominent in the Asia-Pacific Region, and recent development of the REIT structure across the world does not alter the importance of corporate governance and legal system quality for determining real estate returns. © 2010 Springer Science+Business Media, LLC. |
Persistent Identifier | http://hdl.handle.net/10722/309200 |
ISSN | 2023 Impact Factor: 1.7 2023 SCImago Journal Rankings: 0.580 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Edelstein, Robert | - |
dc.contributor.author | Qian, Wenlan | - |
dc.contributor.author | Tsang, Desmond | - |
dc.date.accessioned | 2021-12-15T03:59:43Z | - |
dc.date.available | 2021-12-15T03:59:43Z | - |
dc.date.issued | 2011 | - |
dc.identifier.citation | Journal of Real Estate Finance and Economics, 2011, v. 43, n. 1, p. 130-151 | - |
dc.identifier.issn | 0895-5638 | - |
dc.identifier.uri | http://hdl.handle.net/10722/309200 | - |
dc.description.abstract | Prior international real estate studies recognize the importance of country-specific factors for explaining real estate security returns. Using firm level observations from the FTSE NAREIT/EPRA Index for 2004-2006, we construct a set of multifactor multivariate statistical regression models to identify and pin-point country-specific institutional features that determine differences for excess real estate security returns. Our analyses indicate that the excess real estate returns (i. e., required risk premiums) are, in part, determined by the quality of a country's legal system and the corporate governance environment, controlling for various country-specific macro-economic variables and firm-level characteristics. We further find that the impact of institutional factors on international real estate returns is more prominent in the Asia-Pacific Region, and recent development of the REIT structure across the world does not alter the importance of corporate governance and legal system quality for determining real estate returns. © 2010 Springer Science+Business Media, LLC. | - |
dc.language | eng | - |
dc.relation.ispartof | Journal of Real Estate Finance and Economics | - |
dc.subject | Accounting standards | - |
dc.subject | Corporate governance | - |
dc.subject | Country risks | - |
dc.subject | International real estate returns | - |
dc.subject | Legal environment | - |
dc.subject | REITs | - |
dc.title | How Do Institutional Factors Affect International Real Estate Returns? | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1007/s11146-010-9245-4 | - |
dc.identifier.scopus | eid_2-s2.0-79957651278 | - |
dc.identifier.volume | 43 | - |
dc.identifier.issue | 1 | - |
dc.identifier.spage | 130 | - |
dc.identifier.epage | 151 | - |
dc.identifier.isi | WOS:000290967300006 | - |