This paper investigates the relationship between financial news content (optimistic/pessimistic), REIT returns, and trading volume. We apply textual analysis and find that high media pessimism predicts downward pressure on REIT returns. Negative words in the financial press are significantly...

Factor analytic techniques were applied to 18 real estate equity markets using weekly FTSE EPRA/NAREIT data during the period 1997 to 2009. Our results from the exploratory factor analysis suggest three distinct factors during 1997 to 2007. With a single exception, the national returns fall...

This study provides initial empirical evidence on the usefulness of consumer sentiment and investor optimism indices in explaining real estate investment trust (REIT) price movements. We find evidence of uni-directional causality from REIT returns to the change in Michigan Consumer Sentiment...

Gold is known to be a stable investment in times of political and economic uncertainty. Our article is the first to examine the diversification benefits of including gold in the portfolio of a Kuwaiti investor. Our empirical results for the period Jan 2000 to May 2011 show that Kuwaiti investors...

This article investigates the random walk behavior of CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa) foreign exchange rates against the US dollar using weekly data from February 2007 to April 2012. Using variance ratio tests, the results suggest that the nominal exchange...

We examine the evolving efficiency of UK stock market and currency (British Pound) during the last three centuries. Using both Automatic Variance Ratio (AVR) and Automatic Portmanteau (AQ) tests, we find evidence of time-varying degree of efficiency which supports the Adaptive Markets Hypothesis...