English  |  正體中文  |  简体中文  |  Items with full text/Total items : 51931/87076 (60%)
Visitors : 8487278      Online Users : 106
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/92689

    Title: The Hybrid Characteristic of REIT Returns: Evidence from Japanese and U.S. Markets
    Authors: Su, Hsin-Mei;Huang, Chien-Ming;Pai, Tung-Yueh
    Contributors: 淡江大學財務金融學系
    Date: 2010
    Issue Date: 2013-10-22 10:23:16 (UTC+8)
    Abstract: This study investigates whether the behavior of real estate investment trusts (REITs) is more like that of common stocks or bonds by inspecting the conditional variance of the stock market. The analysis indicates that the REITs returns in Japan and the United States exhibit the same hybrid form. This must depend on the state of the market risk as a result of dividing the stock market volatility into a low-level and a high-level regime. When the volatility of market returns lies in a low-level regime, the REIT returns tend toward traditional stock forms, but do not lie in a high-level regime. Our findings help to reconcile the controversy of previous studies with regard to the REITs characteristics. In addition, the interest rate sensitivity of REIT returns in the two countries is significantly different and can be attributed to the different expectations of market investors.
    Relation: Journal of Real Estate Literature 18(1), pp.77-98
    Appears in Collections:[國際企業學系暨研究所] 期刊論文

    Files in This Item:

    File Description SizeFormat

    All items in 機構典藏 are protected by copyright, with all rights reserved.

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - Feedback