The real estate industry has been severely affected by recent developments in international capital markets. There has been a decline in real estate investment trust (REIT) share prices, and a decline in capital available for real estate ventures. These setbacks have coincided with serious...

We examine the relevance and effectiveness of stock return correlations among financial institutions as an indicator of systemic risk. By analyzing the trends and fluctuations of daily stock return correlations and default correlations among the 22 largest bank holding companies and investment...