Arbeitspapier
Long-term benefits from investing in international real estate
This paper analyses long- and short-term co-movements between 14 international real estate stock markets based on bivariate testing for cointegration and correlation analysis. The results indicate that there exist strong long-term relationships within economic and geographical regions, but less long-run linkages between real estate markets in different continents. Thus, investors would benefit from broadening their investment horizon from their domestic continent to Australia, Europe, and Northern America. Furthermore, it is shown that within each region there are one or two key markets influencing neighbouring markets like Australia in the Asia-Pacific region, the U.S. in the Anglo-Saxon area, and France and the Netherlands in the EMU. Therefore it is implied, from an investor's point of view, that it should be sufficient to focus only on these central markets. With respect to the efficient market hypothesis, the findings by cointegration analysis put some further doubt on its validity for securitized real estate markets.
- Language
-
Englisch
- Bibliographic citation
-
Series: ZEW Discussion Papers ; No. 09-023
- Classification
-
Wirtschaft
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Portfolio Choice; Investment Decisions
Information and Market Efficiency; Event Studies; Insider Trading
- Subject
-
Cointegration
Correlation Analysis
Diversification
Securitized Real Estate Markets
Börsenkurs
Immobilienfonds
Immobilienmarkt
Securitization
Internationaler Preiszusammenhang
Korrelation
Industriestaaten
Welt
- Event
-
Geistige Schöpfung
- (who)
-
Schindler, Felix
- Event
-
Veröffentlichung
- (who)
-
Zentrum für Europäische Wirtschaftsforschung (ZEW)
- (where)
-
Mannheim
- (when)
-
2009
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Schindler, Felix
- Zentrum für Europäische Wirtschaftsforschung (ZEW)
Time of origin
- 2009
Other Objects (12)
Long-term benefits from investing in international real estate
Investing in long-term customer relationships
Long-term investing under uncertain parameter instability
With a Steady Hand : essays on Long-Term Investing
The accuracy of long-term real estate valuations
The Accuracy of Long-term Real Estate Valuations
Investing in the stock market: The long-term view matters
Short-term benefits, long-term harm? Alternative training to apprenticeships in Norway
Short-term benefits, long-term harm? Alternative training to apprenticeships in Norway
Short-Term Benefits, Long-Term Harm? Alternative Training to Apprenticeships in Norway
Short-Term Benefits, Long-Term Harm? Alternative Training to Apprenticeships in Norway
Moral Hazard and Cash Benefits in Long-Term Home Care
Long-term benefits from investing in international real estate
Investing in long-term customer relationships
Long-term investing under uncertain parameter instability
With a Steady Hand : essays on Long-Term Investing
The accuracy of long-term real estate valuations
The Accuracy of Long-term Real Estate Valuations
Investing in the stock market: The long-term view matters
Short-term benefits, long-term harm? Alternative training to apprenticeships in Norway
Short-term benefits, long-term harm? Alternative training to apprenticeships in Norway
Short-Term Benefits, Long-Term Harm? Alternative Training to Apprenticeships in Norway
Short-Term Benefits, Long-Term Harm? Alternative Training to Apprenticeships in Norway
Moral Hazard and Cash Benefits in Long-Term Home Care
Long-term benefits from investing in international real estate
Investing in long-term customer relationships
Long-term investing under uncertain parameter instability
With a Steady Hand : essays on Long-Term Investing
The accuracy of long-term real estate valuations
The Accuracy of Long-term Real Estate Valuations
Investing in the stock market: The long-term view matters
Short-term benefits, long-term harm? Alternative training to apprenticeships in Norway
Short-term benefits, long-term harm? Alternative training to apprenticeships in Norway
Short-Term Benefits, Long-Term Harm? Alternative Training to Apprenticeships in Norway
Short-Term Benefits, Long-Term Harm? Alternative Training to Apprenticeships in Norway