REITs exhibit a strong and prevalent momentum effect that is not captured by conventional factor models. This REIT momentum anomaly hampers proper judgments about the performance of actively managed REIT portfolios. In contrast, a REIT momentum factor adds incremental explanatory power to...

REITs exhibit a large and prevalent momentum effect that is not captured by conventional factor models. We show that this REIT momentum anomaly hampers proper judgments about the active management of REIT portfolios. By contrast, a REIT momentum factor provides incremental explanatory power to...

Real estate research has a long and extensive history of analyzing rent dynamics. Due to data availability constraints the retail market has been the least researched segment of main real estate sectors, despite its import role within the real estate universe (in the US for example the overall...

This paper investigates liquidity differences between property shares and common stocks in Australia, the United Kingdom and the United States over the period 1990-2004. This paper is first to analyze liquidity by the use of trading velocity, a ratio which measures the actual traded portion of...

Energy labels have proven to be an effective means for nudging households to make sustainable choices. The label information regarding future energy use has inspired consumers around the world to opt for more energy efficient cars to commute to work and to select more efficient appliances at...

Given the local character of real estate market, real estate investments have always been identified as an opportunity for diversifying internationally. Low international coherence can reduce the risk of both private and professional multi asset investment portfolios. Early research confirmed,...

In this paper we examine the influence of location and clustering on office rents. We test for this influence in a longitudinal study for the city of Amsterdam over a distinctive property market cycle by means of a unique dataset which comprises the substantial majority of actual transactions....

The flow of new buyers into homeownership is vital for the overall health of the housing market. First-time buyers propel the blood circulation in the housing market by creating the necessary liquidity at the lower end of the market. In this paper we examine the economics of first-time buyers in...