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Article: The Geography of Real Property Information and Investment: Firm Location, Asset Location and Institutional Ownership

TitleThe Geography of Real Property Information and Investment: Firm Location, Asset Location and Institutional Ownership
Authors
Issue Date2021
Citation
Real Estate Economics, 2021, v. 49, n. 1, p. 287-331 How to Cite?
AbstractUsing a sample of Real Estate Investment Trusts (REITs), we show that institutional investors exploit location-based information asymmetries by overweighting firms headquartered locally and those with greater economic interests in the investor's home metropolitan statistical area (MSA). This asset allocation strategy is associated with superior portfolio performance. In a difference-in-difference-in-differences analysis of investor headquarters relocations, we find that investors tend to increase their ownership of REITs that have property holdings in the market to which the investor relocates. Our findings highlight the importance of understanding the relation between information advantages and the geography of firm's operations, as well as the implications on ownership patterns and portfolio construction.
Persistent Identifierhttp://hdl.handle.net/10722/301840
ISSN
2020 Impact Factor: 3.418
2020 SCImago Journal Rankings: 1.064
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorLing, David C.-
dc.contributor.authorWang, Chongyu-
dc.contributor.authorZhou, Tingyu-
dc.date.accessioned2021-08-19T02:20:51Z-
dc.date.available2021-08-19T02:20:51Z-
dc.date.issued2021-
dc.identifier.citationReal Estate Economics, 2021, v. 49, n. 1, p. 287-331-
dc.identifier.issn1080-8620-
dc.identifier.urihttp://hdl.handle.net/10722/301840-
dc.description.abstractUsing a sample of Real Estate Investment Trusts (REITs), we show that institutional investors exploit location-based information asymmetries by overweighting firms headquartered locally and those with greater economic interests in the investor's home metropolitan statistical area (MSA). This asset allocation strategy is associated with superior portfolio performance. In a difference-in-difference-in-differences analysis of investor headquarters relocations, we find that investors tend to increase their ownership of REITs that have property holdings in the market to which the investor relocates. Our findings highlight the importance of understanding the relation between information advantages and the geography of firm's operations, as well as the implications on ownership patterns and portfolio construction.-
dc.languageeng-
dc.relation.ispartofReal Estate Economics-
dc.titleThe Geography of Real Property Information and Investment: Firm Location, Asset Location and Institutional Ownership-
dc.typeArticle-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1111/1540-6229.12294-
dc.identifier.scopuseid_2-s2.0-85068169142-
dc.identifier.volume49-
dc.identifier.issue1-
dc.identifier.spage287-
dc.identifier.epage331-
dc.identifier.eissn1540-6229-
dc.identifier.isiWOS:000619599200009-

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