We develop freedom of choice indices for 46 countries and test its influence on systematic liquidity co-movements. Country-specific indices reflect the impacts of three aspects of freedom of choice: (i) opportunity, (ii) decisional autonomy and (iii) immunity from interference. We find that...

Purpose: The purpose of this study is to enhance the estimation of vertical and horizontal inequity within property valuation. Property taxation is a crucial source of finance for local government around the world – based on a presumptive tax base underpinned by estimates of property value,...

This study proposes the housing "beta" and tests whether the housing "beta" is a significant determinant for stock returns in a multifactor framework. We hypothesize that the housing market is a systematic risk factor given the impact of the housing market on the overall economy and economics...

This study analyzes the market quality differences, in terms of liquidity and volatility, between Real Estate Investment Trusts (REITs) and common stocks. The 2008 financial crisis has significantly influenced the market quality for REITs. Our findings reveal intraday patterns indicating a lower...

Purpose The purpose of this paper is to examine market microstructure differences in stock market quality for hospitality real estate investment trusts (REITs) during the pre- and post-financial crisis eras. It provides insight on different trading strategies based on the underlying liquidity...