Ng, Joe Cho Yiu; Leung, Charles Ka Yui; Chen, Suikang - 2022 - This version: January 2022
This study examines the relationship between corporate real estate (CRE) holdings and stock returns before and after the Global Financial Crisis (GFC). We find that (1) the United States and the United Kingdom show a negative relationship before the GFC and positive after the GFC. (2) Firms that...