scholarly journals The Influence of Housing Investment on Urban Innovation: An Empirical Analysis Based on City-Level Panel Data in China

2020 ◽  
Vol 12 (7) ◽  
pp. 2968 ◽  
Author(s):  
Xiaojie Wang ◽  
Yi Duan ◽  
Pengcheng Liu ◽  
Guixin Han
Keyword(s):  
Panel Data ◽  
Real Estate ◽  
Chinese Government ◽  
Regression Result ◽  
Eastern Region ◽  
Real Economy ◽  
Real Estate Investment ◽  
Full Sample ◽  
Housing Investment ◽  
Internal Relationship

The reasonable control of housing investment and the encouragement of innovation are two major tasks for the Chinese government. This article uses city-level urban panel data over 2001-2015 to study the effect of housing investment on urban innovation in China. The full-sample regression result shows that housing investment inhibits urban innovation. Housing investment can curb urban capital flow and reduce the gross profits of enterprises, which can hinder the improvement of urban innovation. As for different regions, the eastern region has been more obviously influenced by housing investment, while it has led to less influence on the middle and western regions in China. The conclusions of this study can help to clarify the internal relationship between housing investment and urban innovation, identify how to promote the current transformation and upgrading of China’s real estate investment, and improve the vitality of the real economy.

Financing housing investment

2020 ◽  
pp. 47-56
Author(s):  
Bob Colenutt
Keyword(s):  
Real Estate ◽  
Real Estate Investment Trusts ◽  
Housing Finance ◽  
Quantitative Easing ◽  
Housing Crisis ◽  
Real Estate Investment ◽  
Role Of Government ◽  
Housing Investment ◽  
The Uk

This chapter looks at the overburdening presence of property and housing finance in the UK economy. It focuses on the economic instability created by mortgage dependency. This is a critical context for understanding the role of Government in creating barriers to resolving the housing crisis though its programme of Quantitative Easing, encouragement of Real Estate Investment Trusts, and by offering tax and residence advantages for overseas investors in UK property. It also explores the rise of investor interest in Build to Rent.

scholarly journals An Examination of Prevalence of Earnings Management in Asia REITs

2019 ◽  
Vol 14 (5) ◽  
pp. 75
Author(s):  
Siew Bee Thai ◽  
Ming Ming Lai
Keyword(s):  
Hong Kong ◽  
Panel Data ◽  
Real Estate ◽  
Earnings Management ◽  
Discretionary Accruals ◽  
T Test ◽  
Real Estate Investment Trust ◽  
Regulatory Structure ◽  
Real Estate Investment ◽  
Absolute Value

This study examines the prevalence of earnings management in Real Estate Investment Trust (REIT) funds in Asia. Discretionary Accruals (DA) is used as the measurement of earnings management. A panel data covering all REIT firms in three countries: Malaysia, Singapore and Hong Kong, from year 2007 to 2015 is used for this purpose. The results show all firms having the absolute value of discretionary accruals indicating that earnings management exists in Asian REITs. Further, independent t-test shows that earnings management activities are significantly prevalent in all these three countries despite the regulatory structure of REITs.

Modelling return behaviour of global real estate investment trusts equities

2019 ◽  
Vol 12 (3) ◽  
pp. 311-328
Author(s):  
Peterson Owusu Junior ◽  
George Tweneboah ◽  
Kola Ijasan ◽  
Nagaratnam Jeyasreedharan
Keyword(s):  
Real Estate ◽  
Global Financial Crisis ◽  
Univariate Analysis ◽  
Real Estate Investment Trusts ◽  
Maximum Likelihood Estimates ◽  
Sample Period ◽  
Real Estate Investment ◽  
Full Sample ◽  
Content Type ◽  
Investment Trusts

PurposeThis paper aims to contribute to knowledge by investigating the return behaviour of seven global real estate investment trusts (REITs) with respect to the appropriate distributional fit that captures tail and shape characteristics. The study adds to the knowledge of distributional properties of seven global REITs by using the generalised lambda distribution (GLD), which captures fairly well the higher moments of the returns.Design/methodology/approachThis is an empirical study with GLD through three rival methods of fitting tail and shape properties of seven REIT return data from January 2008 to November 2017. A post-Global Financial Crisis (GFC) (from July 2009) period fits from the same methods are juxtaposed for comparison.FindingsThe maximum likelihood estimates outperform the methods of moment matching and quantile matching in terms of goodness-of-fit in line with extant literature; for the post-GFC period as against the full-sample period. All three methods fit better in full-sample period than post-GFC period for all seven countries for the Region 4 support dynamics. Further, USA and Singapore possess the strongest and stronger infinite supports for both time regimes.Research limitations/implicationsThe REITs markets, however, developed, are of wide varied sizes. This makes comparison less than ideal. This is mitigated by a univariate analysis rather than multivariate one.Practical implicationsThis paper is a reminder of the inadequacy of the normal distribution, as well as the mean, variance, skewness and kurtosis measures, in describing distributions of asset returns. Investors and policymakers may look at the location and scale of GLD for decision-making about REITs.Originality/valueThe novelty of this work lies with the data used and the detailed analysis and for the post-GFC sample.

International Real Estate Review

2019 ◽  
Vol 22 (4) ◽  
pp. 513-534
Author(s):  
Emmanuel Anoruo ◽  
Keyword(s):  
Real Estate ◽  
Causal Relationship ◽  
Granger Causality ◽  
Granger Causality Test ◽  
Real Estate Investment Trust ◽  
Supportive Evidence ◽  
Real Estate Investment ◽  
Causality Test ◽  
Full Sample ◽  
Asymmetric Causality

This study examines the causal relationship between gold and real estate investment trust (REIT) returns. In particular, the paper uses a nonparametric causality-in-quantile approach to explore whether gold could serve as a hedging tool against movements in REIT returns. The results provide supportive evidence of bidirectional and asymmetric causality-in-variance between gold and REIT returns. There is evidence of asymmetric causality-in-mean between gold and All REITs, and equity REIT returns. The results from the full sample nonlinear Granger causality test indicate that gold and REIT returns have a causal influence on each other. Taken together, the results imply that gold investment could serve as a hedge against volatilities in the REIT market and vice versa.

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