Cross-border investment in Asia-Pacific commercial real estate (CRE) has increased since the Great Financial Crisis. Amid low interest rates and ample liquidity, financial investors have sought higher returns from illiquid CRE assets. The search for yield has been particularly evident among...

This study analyses the impact of the COVID-19 pandemic on Spanish listed REITs during the first wave from both the stock market and the operating performance perspectives. First, we find that the Spanish stock market for REITs reacts with less intensity and later than the rest of the Spanish...

Open-end real estate funds are collective investment undertakings in a diversified portfolio of real estate properties. The companies that launch and manage open-end real estate funds must regularly appraise fund properties because individual market prices are not available, which means that the...

Prior research generally reports a positive relationship between firm-level accounting earnings surprises and contemporaneous stock prices, indicating that accounting earnings carry value-relevant information. Recent studies, however, show that investors respond negatively to unexpected changes...

Traditional assets, like stocks and bonds, are mostly found to be highly influenced by uncertainties, and cause distress for investors most of the time, consequently investors look for safe investment options that can provide diversification benefits to cope with uncertainties. So, current...

We analyze the valuation and return performance of real estate trusts (RETs), the 19th-century predecessors of REITs. In contrast to REITs, RETs were not required to adhere to any statutory REIT regulations. Similar to modern-day REITs, we find that dividend growth rather than discount rates...