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Get Anomalies in the European REITs Market: Evidence from PDF

By G. Mattarocci

ISBN-10: 1137390921

ISBN-13: 9781137390929

ISBN-10: 1161161171

ISBN-13: 9781161161175

ISBN-10: 1349482811

ISBN-13: 9781349482818

This publication analyses calendar anomalies within the actual property with a spotlight at the eu industry. It considers annual, per thirty days and weekly calendar anomalies a consultant pattern of ecu REITs and highlights the most modifications among the international locations.

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Extra info for Anomalies in the European REITs Market: Evidence from Calendar Effects

Example text

The variations in performance can be ascribed to different sensitivities to market uptrends and downtrends for the days of the week, which imply greater or lesser relevance of the weekend effect (Chang, Pinegar, and Ravichandran, 1995). 2 Fixed income Preliminary evidence from the bond market, focusing on Treasury bonds, demonstrates that the same day of the week anomaly that can be identified for risky assets is also verified for the fixed-income market (Singleton and Wingender, 1994). The relevance of the weekend effect differs among similar securities and normally increases with the maturity of the securities (Flannery and Protopapadakis, 1988).

Source: Scenari Immobiliari data processed by the author. 7). The European market is, on average, highly concentrated because the ten largest REITs (out of more than 160 REITs) represent around 50 percent of the market. , the United Kingdom and Belgium), where, on average, these REITs represent around the 90 percent of the overall market value. 3 Asset allocation In all European countries, to achieve REIT status the investment portfolio has to consist (almost exclusively) of real estate assets (incomeproducing or development projects) (Niskanen and Falkenbach, 2010).

Asia) (Gibilaro and Mattarocci, 2014). 00% Overall market Industrial Office Residential Retail Other Source: Scenari Immobiliari data processed by the author. The role of the industrial sector is greater in the UK market, while it plays only a residual role in Germany and the Netherlands and is not even considered by Italian REITs. The role of this type of asset has been decreasing over time in almost all countries, except for the Netherlands. The office sector represents the main assets for Belgium, France, Germany, Greece, and Italy and in two of these markets (Germany and Greece) the percentage invested in such assets is, on average, greater than 50 percent.

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Anomalies in the European REITs Market: Evidence from Calendar Effects by G. Mattarocci


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