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Paper eres2013_35:
The Impact of Real Estate Market Transparency on Dynamics between Direct and Indirect Real Estate

id eres2013_35
authors Luo, Yun; Kwong Wing Chau
year 2013
title The Impact of Real Estate Market Transparency on Dynamics between Direct and Indirect Real Estate
source 20th Annual European Real Estate Society Conference in Vienna, Austria
summary This paper provides cross-country evidence of the linkage between real estate market transparency and the dynamics between direct and indirect real estate, which is seldom examined in the previous literature. First, by adopting a variance decomposition procedure, the proportion of indirect real estate volatility that is attributable to 'pure' direct real estate, stock and bond factors in 18 countries over 1998-2012 is assessed. Second, the correlation between real estate market transparency and dynamics between these two real estate markets is examined. This paper concludes that real estate market transparency is significantly associated with the linkage between direct and indirect real estate, especially on the transaction aspects. These results have significant implications for international investment fund managers to consider the possibility of real estate securities as substitution for global property investment whilst enjoying the liquidity benefits.
keywords Market transparency, Real estate securities, Direct real estate market, Variance decomposition, Pure factors
series ERES:conference
type paper session
email lylgone@gmail.com
more http://library.eres.org/cgi-bin/rsa98.pl?conf=ERES2013&type=session&theme=E&slot=6703
content file.pdf (204,040 bytes)
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ratings
session E-9: International Real Estate
last changed 2014/10/21 21:51
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