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Systematic Equity Return Patterns in Listed European Property Companies


  • Fahad Almudhaf

    () (Kuwait University)

  • J. Andrew Hansz

    () (California State University Fresno)


This study investigates systematic monthly return regularities in the listed equity returns of twelve European property companies.? Significant monthly effects exist in all sampled countries with Germany as the single exception. Furthermore, the findings provide evidence of abnormally high December returns, or a December effect, in four international indices (FTSE EPRA/NAREIT international Europe, Euro-zone, Global, and North America) and five European countries (Finland, France, Netherlands, Norway, and the United Kingdom). With the exception of Switzerland, the well-documented January effect is absent from all European property company equity returns.

Suggested Citation

  • Fahad Almudhaf & J. Andrew Hansz, 2011. "Systematic Equity Return Patterns in Listed European Property Companies," International Real Estate Review, Asian Real Estate Society, vol. 14(1), pages 61-84.
  • Handle: RePEc:ire:issued:v:14:n:01:2011:p:61-84

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    References listed on IDEAS

    1. Su Han Chan & Wai-Kin Leung & Ko Wang, 2005. "Changes in REIT Structure and Stock Performance: Evidence from the Monday Stock Anomaly," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 33(1), pages 89-120, March.
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    Cited by:

    1. E. Hui & J. Wright & S. Yam, 2014. "Calendar Effects and Real Estate Securities," The Journal of Real Estate Finance and Economics, Springer, vol. 49(1), pages 91-115, July.
    2. Mehmet Akbulut & Su Han Chan & Mariya Letdin, 2015. "Calendar Anomalies: Do REITs Behave Like Stocks?," International Real Estate Review, Asian Real Estate Society, vol. 18(2), pages 177-215.
    3. repec:kap:jrefec:v:56:y:2018:i:1:d:10.1007_s11146-016-9564-1 is not listed on IDEAS

    More about this item


    Calendar anomalies; Seasonality; January effect; December effect; International real estate; Public property markets;

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services


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