Tsai, I-Chun; Sing, Tien Foo; Chen, Ming-Chi; Ma, Tai - In: Applied Financial Economics 22 (2012) 10, pp. 827-836
Recent studies have documented an asymmetry in the market-beta of equity Real Estate Investment Trusts (REITs) based on high and low Gross Domestic Product (GDP) growth states, as well as in bull and bear stock markets. The asymmetry has been deemed a puzzle (Chatrath <italic>et al</italic>., 2000; Chiang <italic>et al</italic>.,...
