Miyakoshi, Tatsuyoshi; Shimada, Junji; Li, Kui-Wai - 2020
This empirical paper studies the fundamental value of the J-REIT price from impact of the 2008 financial crisis and the 2011 Japan earthquake between May 2003 and December 2014. The results show that the fundamental value of the J-REIT is determined only by the real estate price in the long-run....