The global economic crisis caused residential home prices in the United States to plummet from 2006-2010. This, combined with a relatively weak U.S. currency, created a perfect storm for foreign investors to enter the U.S. residential real estate market. Foreign investors need to be educated by...

The real estate investment trust (REIT) industry experienced a liquidity crisis resulting from reduced access to credit commitments as banks were restoring their balance sheets during the 2007-2009 financial crisis. Employing generalized autoregressive conditional heteroscedasticity (GARCH)...

This paper employs a GARCH-M model to test for the asymmetric effect of changes in individual and institutional investor sentiment on REIT industry returns and conditional volatility. Empirical results suggest that changes in institutional investor sentiment have a larger effect on REIT industry...

The real estate market displays many of the behavioral biases documented in the traditional financial markets. During bull markets, investor overconfidence, optimism, representativeness, and self-attribution bias among others drive prices far above their fundamental values. Conversely, during...

Institutional investors such as pension funds or insurance companies commonly invest in the unsecuritized and securitized real estate market. We investigate how institutional investor sentiment in the commercial real estate market affects institutional trading behavior in the REIT market and...

This study investigates whether the risk adjusted returns of a global REIT portfolio would be enhanced by adopting a trend following strategy (which is an absolute concept), a momentum based strategy (which is a relative concept and requires individual country allocations), or indeed a...

We examine whether the recent behavior of real estate investors had an effect on housing affordability between 2007 and 2014. We analyze investors' purchasing and selling behavior and study their spillover effects on the affordability of the local real estate market where they invest. We find...

Overconfidence is one of the most robust behavioral anomalies in financial markets. By attributing investment gains to their ability, investors become overconfident and trade aggressively in subsequent periods. Evidence from stock markets shows that overconfidence leads to excessive trading and,...