Purpose The purpose of this paper is to determine systematically the broader relationship between news media sentiment, extracted through textual analysis of articles published by leading US newspapers, and the securitized real estate market. Design/methodology/approach The methodology is divided into two stages. First, roughly 125,000 US newspaper article headlines from Bloomberg, The Financial Times, Forbes and The Wall Street Journal are investigated with a dictionary-based approach, and different measures of sentiment are created. Second, a vector autoregressive framework is used to analyse the relationship between media-expressed sentiment and REIT market movements over the period 2005–2015. Findings The empirical results provide significant evidence for a leading relationship between media sentiment and future REIT market movements. Furthermore, applying the dictionary-based approach for textual analysis, the results exhibit that a domain-specific dictionary is superior to a general dictionary. In addition, better results are achieved by a sentiment measure incorporating both positive and negative sentiment, rather than just one polarity. Practical implications In connection with fundamentals of the REIT market, these findings can be utilised to further improve the understanding of securitized real estate market movements and investment decisions. Furthermore, this paper highlights the importance of paying attention to new media and digitalization. The results are robust for different REIT sectors and when conventional control variables are considered. Originality/value This paper demonstrates for the first time, that textual analysis is able to capture media sentiment from news relevant to the US securitized real estate market. Furthermore, the broad collection of newspaper articles from four different sources is unique.

Iron‐doped tin oxide (Sn0.9Fe0.1O2), and specifically carbon‐coated Sn0.9Fe0.1O2 (Sn0.9Fe0.1O2‐C) provides high reversible capacity and a reasonably low de‐/lithiation potential owing to the combined conversion and alloying mechanism. The initial (quasi‐)amorphization during the first lithiation, however, renders an in‐depth understanding of the reaction mechanism challenging. Herein, a comprehensive investigation via a set of highly complementary characterization techniques is reported, including operando X‐ray diffraction, ex situ 119Sn and 57Fe Mössbauer spectroscopy, ex situ 7Li NMR spectroscopy, operando isothermal microcalorimetry (IMC) of Li‖Sn0.9Fe0.1O2‐C coin cells, and electrochemical microcalorimetry of single Sn0.9Fe0.1O2‐C electrodes. The combination of these advanced techniques allows for detailed insights into the lithiation and delithiation mechanism and the potential determining processes, despite the (quasi‐) amorphous nature of the active material after the initial lithiation.

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We examine whether and the extent to which news-based sentiment, captured by textual analysis, can predict the performance of the private commercial real estate market in the United States. Our results show that sentiment reflected in news abstracts of The Wall Street Journal predicts returns of commercial real estate up to four quarters in advance. These findings are statistically significant and persist even when controlling for other related factors. This suggests that news-based sentiment can serve as an early market indicator. We are the first to examine the bidirectional relationship between sentiment, measured by textual analysis, and the performance of the private U.S. commercial real estate market. The findings contribute to the academic literature, and carry practical implications for real estate professionals.

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