Eres : Digital Library : Works

Paper eres2016_138:
The Effect of Interest Rates Changes on Listed Real Estate Companies

id eres2016_138
authors Weis, Christian; Steffen Sebastian, René-Ojas Woltering
year 2016
title The Effect of Interest Rates Changes on Listed Real Estate Companies
source 23rd Annual European Real Estate Society Conference in Regensburg, Germany
summary This paper examines the effect of short-term and long-term interest rate changes on the performance of listed real estate companies. The motivation for the analysis is based on the idea that interest rate changes are negatively related to a) the relative attractiveness of equities compared to other asset classes such as fixed income or the money market, b) the prices of the underlying properties of the listed real estate companies, and c) the operating performance of listed real estate companies as the costs of debt rise. The analysis is based on monthly data over the 2000 to 2014 period for a global panel of 9 regions. This rich setting offers substantial heterogeneity in interest rates across time and countries. In an additional analysis we investigate the effect of interest rates on relative price measures such as the discount or premium to NAV.
series ERES:conference
type paper session
discussion No discussions. Post discussion ...
ratings
session Doctoral Session
last changed 2017/11/18 16:16
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