Have globalization and increasing economic and financial integration affected the rates of return of publicly traded real estate companies around the world? Using a set of multifactor models for annual data for 946 firms from 16 countries over the sample period, 1995-2002, we estimate the impact of a country's economic openness on returns of publicly traded real estate firms, controlling for the effects of global capital markets, domestic macroeconomic conditions and firm-specific variables. We find that a country's real estate security excess (risk-adjusted) returns are negatively related to its openness. The results are robust across different multifactor model specifications and are a testament to increasing global financial integration and its interplay with the real estate sector. Copyright 2008 American Real Estate and Urban Economics Association
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Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.
Volume (Year): 36 (2008) Issue (Month): 2 (06) Pages: 285-311 Download reference. The following formats are available: HTML,
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