国内外私募股权房地产投资者的政治关注不对称

IF 2.1 Q2 URBAN STUDIES

Journal of Property Research Pub Date : 2021-04-08 DOI:10.1080/09599916.2021.1906732

A. Gupta, P. Das

{"title":"国内外私募股权房地产投资者的政治关注不对称","authors":"A. Gupta, P. Das","doi":"10.1080/09599916.2021.1906732","DOIUrl":null,"url":null,"abstract":"ABSTRACT Private equity real estate (PERE) markets suffer from information inefficiency. In this study, we examine if Google Trends could help in partially mitigating the inefficiency issues. Using monthly PERE investment activities in India between 2005 and 2017, and controlling for macroeconomic variables, we show that relevant search trends are significantly associated with future investment activities. Compared to domestic investors, foreign investors are subject to information asymmetry and their investment activity is particularly sensitive to political search trends in the target country. We detect a mutually causal association between investment activity and political searches. Although significant, the effect of political Google Trends on investment activity is short-lived and fades within two months.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"39 1","pages":"1 - 29"},"PeriodicalIF":2.1000,"publicationDate":"2021-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09599916.2021.1906732","citationCount":"2","resultStr":"{\"title\":\"Asymmetric political attention across foreign and domestic private equity real estate investors\",\"authors\":\"A. Gupta, P. Das\",\"doi\":\"10.1080/09599916.2021.1906732\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"ABSTRACT Private equity real estate (PERE) markets suffer from information inefficiency. In this study, we examine if Google Trends could help in partially mitigating the inefficiency issues. Using monthly PERE investment activities in India between 2005 and 2017, and controlling for macroeconomic variables, we show that relevant search trends are significantly associated with future investment activities. Compared to domestic investors, foreign investors are subject to information asymmetry and their investment activity is particularly sensitive to political search trends in the target country. We detect a mutually causal association between investment activity and political searches. Although significant, the effect of political Google Trends on investment activity is short-lived and fades within two months.\",\"PeriodicalId\":45726,\"journal\":{\"name\":\"Journal of Property Research\",\"volume\":\"39 1\",\"pages\":\"1 - 29\"},\"PeriodicalIF\":2.1000,\"publicationDate\":\"2021-04-08\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1080/09599916.2021.1906732\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Property Research\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1080/09599916.2021.1906732\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"URBAN STUDIES\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Property Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/09599916.2021.1906732","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"URBAN STUDIES","Score":null,"Total":0}

引用次数: 2

摘要

私募股权房地产(PERE)市场存在信息效率低下的问题。在本研究中，我们检验谷歌趋势是否有助于部分缓解效率低下问题。利用2005年至2017年印度的月度PERE投资活动，并控制宏观经济变量，我们发现相关搜索趋势与未来的投资活动显著相关。与国内投资者相比，外国投资者受制于信息不对称，其投资活动对目标国家的政治搜索趋势尤为敏感。我们发现投资活动和政治搜索之间存在相互因果关系。政治趋势对投资活动的影响虽然显著，但却是短暂的，并在两个月内消退。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Asymmetric political attention across foreign and domestic private equity real estate investors

ABSTRACT Private equity real estate (PERE) markets suffer from information inefficiency. In this study, we examine if Google Trends could help in partially mitigating the inefficiency issues. Using monthly PERE investment activities in India between 2005 and 2017, and controlling for macroeconomic variables, we show that relevant search trends are significantly associated with future investment activities. Compared to domestic investors, foreign investors are subject to information asymmetry and their investment activity is particularly sensitive to political search trends in the target country. We detect a mutually causal association between investment activity and political searches. Although significant, the effect of political Google Trends on investment activity is short-lived and fades within two months.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Property Research URBAN STUDIES-

CiteScore

3.80

自引率

5.30%

发文量

期刊介绍： The Journal of Property Research is an international journal. The title reflects the expansion of research, particularly applied research, into property investment and development. The Journal of Property Research publishes papers in any area of real estate investment and development. These may be theoretical, empirical, case studies or critical literature surveys.