This paper investigates the role of fundamentals and investor sentiment in commercial real
estate valuation. In real estate markets, heterogeneous properties trade in illiquid, highly …

The popularity of real estate investment trusts (REITs) as an investment vehicle and the
current record-breaking performance of the stock market in the United States have triggered …

This paper examines volatility in REITs using a multivariate GARCH based model. The
Multivariate VAR–GARCH technique documents the return and volatility linkages between …

The consensus that emerges from the current research on the linkage between securitized
and direct investment in real estate is that direct (private) real estate returns play a relatively …

This study considers the case of two overlapping categories in the context of recent category
models. Specifically, we examine whether investor sentiment and market frictions specific to …

The real estate investment trust (REIT) industry has undergone three waves of initial public
offerings (IPOs) since 1980. In this article we examine these waves within the context of the …

In this paper we revisit the many studies that have attempted to explain the determinants of
commercial real estate capitalization rates. We introduce two new innovations. First we are …

There are a number of global factors driving capital markets and required rates of return that
help to explain observed capitalization rates or “cap rates” over time, but little is known about …

Purpose Corporate governance principles are living a positive momentum in light of the
megatrends reshaping the world. An effective company based on sound governance …

This article represents the first exploration of liquidity and order flow spillovers across New
York Stock Exchange stocks and real estate investment trusts (REITs). Impulse response …