Nowhere to hide: an analysis of investment opportunities in listed property markets during financial market crises

Ryan, Laura

doi:10.1080/09599916.2010.502005

Cited by 12 publications

(7 citation statements)

References 19 publications

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“…She found that the US and Japan markets led five cointegrated markets to a long run equilibrium, whereas only Netherlands and France provided some diversifications to US investors. Ryan (2011) implemented a specific class of Vector Autoregression (VAR) models to examine the level of integration between international listed property markets during the Asian crisis and the current global credit crisis. He showed that due to cointegration between the markets, the benefits of diversification disappeared during the crises in both hedged and un-hedged cases.…”

Section: Literature Reviewmentioning

confidence: 99%

Is there really any Contagion among Major Equity and Securitized Real Estate Markets? Analysis from a New Perspective

Hui

Chan

2016

J Real Estate Finan Econ

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This study examines contagion across general equity and securitized real estate markets of China, Hong Kong and the Us during the Chinese financial crisis.This is the first study to combine the case-resampling bootstrap method with the coskewness and cokurtosis test. Thus, the new method works well on data with a non-normal distribution or nonconstant variance. Additional channels of contagion may also be detected to reflect a more precise pattern of contagion. In contrast to Hatemi-J and Hacker, Applied Financial Economics Letters, 1(6), 343-347(2005)'s result, we find thatthe case-resampling bootstrap method diminishes the overall effect of contagion. In particular, no additional channels of contagion can be found when the caseresampling bootstrap method is applied on the coskewnesstest, but when the caseresampling bootstrap method is applied on the cokurtosis test, additional channels of contagion are detected. Furthermore, the overall effect of contagion is greater on the general equity markets than on the securitized real estate markets. This study has useful implications to investors, regulators and policy makers. Keywords Contagion. Coskewness test. Cokurtosis test. Case-resampling bootstrap methodThis is the Pre-Published Version.

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Section: Literature Reviewmentioning

confidence: 99%

Is there really any Contagion among Major Equity and Securitized Real Estate Markets? Analysis from a New Perspective

Hui

Chan

2016

J Real Estate Finan Econ

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“…Under these circumstances, the correlation between asset markets of two countries increases. Because of that, the opportunity for the minimization of portfolio risk through diversification becomes fewer, according to Ryan (2011). In accordance with Calvo and Reinhart (1996), there are two types of contagion.…”

Section: Section 1 Introductionmentioning

confidence: 99%

Wealth effect, credit price effect, and the inter‐relationships between Hong Kong's property market and stock market

Hui

2012

Property Management

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Purpose -This paper aims to test the short-and long-run interrelationships between Hong Kong's residential property market and stock market, as well as market fundamentals and China-related factors, between 1990 and 2006. Design/methodology/approach -The authors observed changes in the relationship between property prices and stock indexes by using Granger causality test, variance decomposition and CUSUM test. In contrast to some other studies, they have, at the same time, identified the break point(s) and variation of relation. Findings -The findings reveal that the correlation between residential property price and stock index had become weaker over time, even though the trend of residential property price is similar to that of stock index during the sample period. Under such circumstances, it is more likely for investors to reap more benefits through portfolio diversifications.Research limitations/implications -The credit price effect from the property market to the stock market, as observed between 1990 and 1994, has been replaced by a snowball effect within each of these two markets. In addition, stocks have become a hedge against inflation in the short-run, while both stocks and real estate investments are utilized as such in the long-run after 1995. Lastly, it appears that there are signs of interdependence between Hong Kong's stock market and the Chinese economy, whereas contagion might occur between China's economy and Hong Kong's property market. Originality/value -The paper proffers some insights with regard to both real estate and stocks as investment options, and how closer integration between two regions (or nations) shape the interactions between various markets between them.

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“…The dynamics of profitability seem to be significantly affected by the general economic trend, considering that there was a sharp drop in the two-year period 2012–2014 in which Italy suffered the repercussions of the previous financial crisis that began in 2008. The 2008 crisis, whose genesis is debated (Leiser et al ., 2016; Barnett, 2015; Bakir and Campbell, 2015; Farmer, 2014), obviously also affected the real estate market with different effects in different countries (Chen and Leung, 2008; Newell et al ., 2010; Ryan, 2011) and the dynamics of real estate agencies (Lovsletten et al ., 2019). The subsequent two years, 2012–2014 reverberations affected some states, including Italy, due to the worsening sovereign debt crisis and the growing distrust towards it due to high public spending (Istat, 2012; Borghi, 2013).…”

Section: Discussionmentioning

confidence: 99%

Profitability and financial performance of Italian real estate companies: quantitative profiles

Migliaccio,

De Palma

2023

IJPPM

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PurposeThis study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real estate companies divided into the three macro-regions: North, Centre and South, in the period 2011–2020. In this way, it is also possible to verify the responsiveness to the 2020 pandemic crisis.Design/methodology/approachThe analysis uses descriptive statistics tools and the ANOVA method of analysis of variance, supplemented by the Tukey–Kramer test, to identify significant differences between the three Italian macro-regions.FindingsThe study shows the increase in profitability after the 2008 crisis, despite its reverberation in the years 2012–2013. The financial structure of companies improved almost everywhere. The pandemic had modest effects on performance.Research limitations/implicationsIn the future, other indices should be considered to gain a more comprehensive view. This is a quantitative study based on financial statements data that neglects other important economic and social factors.Practical implicationsPublic policies could use this study for better interventions to support the sector. In addition, internal management can compare their company's performance with the industry average to identify possible improvements.Social implicationsThe research analyses an economic field that employs a large number of people, especially when considering the construction and real estate services covered by this analysis.Originality/valueThe study contributes to the literature by providing a quantitative analysis of industry dynamics, with comparative information that can be deduced from financial statements over the years.

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Nowhere to hide: an analysis of investment opportunities in listed property markets during financial market crises

Cited by 12 publications

References 19 publications

Is there really any Contagion among Major Equity and Securitized Real Estate Markets? Analysis from a New Perspective

Is there really any Contagion among Major Equity and Securitized Real Estate Markets? Analysis from a New Perspective

Wealth effect, credit price effect, and the inter‐relationships between Hong Kong's property market and stock market

Profitability and financial performance of Italian real estate companies: quantitative profiles

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