市场震荡期间的房地产投资信托基金：影响和复原力

IF 3.6 3区管理学 Q1 ECONOMICS

Tourism Economics Pub Date : 2023-12-07 DOI:10.1177/13548166231219740

Apostolos Ampountolas, Mark Legg, Gareth Shaw

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引用次数: 0

摘要

股票的市场价值是公司业绩和市场情绪的函数。特定事件可以改变回报，并对市场表现提出若干挑战。通过事件研究设计，本研究考察了五种房地产投资信托基金(REITs)市场指数对COVID-19爆发初期市场冲击的反应。结果显示，在20天的交易窗口中，住宿、医疗保健和零售REITs的累计异常收益为负。考虑到其较低的回调损失，其余REIT部门表现出比同行更大的弹性。集体创业证实，所有行业的回报率都明显较低，零售和住宿行业的回报率最低。本研究推进了有关大流行相关市场崩盘的文献，以及与其他市场指数相比，COVID-19如何影响跨部门REIT股票。房地产投资信托公司可以利用研究结果制定更有效的政策措施，以应对大流行的市场状况。

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Real estate investment trusts during market shocks: Impact and resilience

The market value of a stock is a function of firm performance and market sentiment. Specific events can alter returns and present several challenges to market performances. Through an event study design, this study examines five real estate investment trusts (REITs) market indices’ responses to market shock from the initial COVID-19 outbreak. The results revealed negative cumulative abnormal returns for lodging, health care, and retail REITs over the 20-day trading window. Considering their lower drawdown losses, the remaining REIT sectors showed greater resilience than their counterparts. Block bootstrapping confirmed the returns were significantly worse for all sectors, with retail and lodging sectors having the poorest returns. This study advances the literature on pandemic-related market crashes along with how COVID-19 affected cross-sector REIT equities compared to other market indices. REIT firms can use the findings to develop more effective policy measures as responses to pandemic market conditions.

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来源期刊

Tourism Economics Multiple-

CiteScore

9.30

自引率

11.40%

发文量

期刊介绍： Tourism Economics, published quarterly, covers the business aspects of tourism in the wider context. It takes account of constraints on development, such as social and community interests and the sustainable use of tourism and recreation resources, and inputs into the production process. The definition of tourism used includes tourist trips taken for all purposes, embracing both stay and day visitors. Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).