By G. Mattarocci
This ebook analyses calendar anomalies within the genuine property with a spotlight at the ecu industry. It considers annual, per 30 days and weekly calendar anomalies taking a look at a consultant pattern of eu REITs and highlights the most variations among the international locations.
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Extra resources for Anomalies in the European REITs Market: Evidence from Calendar Effects
90% 205 Note: MV represents the sum of the market value of the biggest REITs available in the geographical area, at the end of the year. Source: Scenari Immobiliari data processed by the author. 7). The European market is, on average, highly concentrated because the ten largest REITs (out of more than 160 REITs) represent around 50 percent of the market. , the United Kingdom and Belgium), where, on average, these REITs represent around the 90 percent of the overall market value. 3 Asset allocation In all European countries, to achieve REIT status the investment portfolio has to consist (almost exclusively) of real estate assets (incomeproducing or development projects) (Niskanen and Falkenbach, 2010).
4 Other financial instruments The analysis of the other financial instruments is focused on the derivative markets because derivative values are strictly related to the price dynamics of the underlying assets: and therefore, calendar anomalies identified for the latter must also be experienced by the former (Junkus, 1986). There is still a debate in the literature about the strength of this relationship and the unique features that characterize the derivative markets and/or the underlying asset (Aksoy, 2013).
8). Excluding 2012, the office and retail sectors represent more than 55 percent of the overall portfolio, while each of the other two types of portfolios never represent more than 17 percent. The results are consistent with the international standards, even if the role of the two main asset classes is always greater for the European market than for the world market average. , the United States). The geographical asset allocation of European REITs cannot be compared with that of other countries because the former normally prefer to invest within the continent and sometimes only within the home country (Scenari Immobiliari, different years).