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- Publisher Website: 10.1093/rapstu/raaa014
- Scopus: eid_2-s2.0-85097496809
- WOS: WOS:000595485100006
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Article: A first look at the impact of COVID-19 on commercial real estate prices: Asset-level evidence
| Title | A first look at the impact of COVID-19 on commercial real estate prices: Asset-level evidence |
|---|---|
| Authors | |
| Issue Date | 2020 |
| Publisher | Oxford University Press. The Journal's web site is located at http://www.oxfordjournals.org/our_journals/raps/ |
| Citation | Review of Asset Pricing Studies, 2020, v. 10, n. 4, p. 669-704 How to Cite? |
| Abstract | This is the first paper to examine how the COVID-19 shock transmitted from the asset markets to capital markets. Using a novel measure of the exposure of commercial real estate (CRE) portfolios to the increase in the number of COVID-19 cases (GeoCOVID), we find a one-standard-deviation increase in GeoCOVID on day t-1 is associated with a.24 to.93 percentage points decrease in abnormal returns over 1- to 3-day windows. There is substantial variation across property types. Local and state policy interventions helped to moderate the negative return impact of GeoCOVID. However, there is little evidence that reopenings affected the performance of CRE markets. |
| Persistent Identifier | http://hdl.handle.net/10722/301861 |
| ISSN | 2023 Impact Factor: 2.2 2023 SCImago Journal Rankings: 6.315 |
| ISI Accession Number ID |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Ling, David C. | - |
| dc.contributor.author | Wang, Chongyu | - |
| dc.contributor.author | Zhou, Tingyu | - |
| dc.date.accessioned | 2021-08-19T02:20:53Z | - |
| dc.date.available | 2021-08-19T02:20:53Z | - |
| dc.date.issued | 2020 | - |
| dc.identifier.citation | Review of Asset Pricing Studies, 2020, v. 10, n. 4, p. 669-704 | - |
| dc.identifier.issn | 2045-9920 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/301861 | - |
| dc.description.abstract | This is the first paper to examine how the COVID-19 shock transmitted from the asset markets to capital markets. Using a novel measure of the exposure of commercial real estate (CRE) portfolios to the increase in the number of COVID-19 cases (GeoCOVID), we find a one-standard-deviation increase in GeoCOVID on day t-1 is associated with a.24 to.93 percentage points decrease in abnormal returns over 1- to 3-day windows. There is substantial variation across property types. Local and state policy interventions helped to moderate the negative return impact of GeoCOVID. However, there is little evidence that reopenings affected the performance of CRE markets. | - |
| dc.language | eng | - |
| dc.publisher | Oxford University Press. The Journal's web site is located at http://www.oxfordjournals.org/our_journals/raps/ | - |
| dc.relation.ispartof | Review of Asset Pricing Studies | - |
| dc.title | A first look at the impact of COVID-19 on commercial real estate prices: Asset-level evidence | - |
| dc.type | Article | - |
| dc.description.nature | link_to_OA_fulltext | - |
| dc.identifier.doi | 10.1093/rapstu/raaa014 | - |
| dc.identifier.scopus | eid_2-s2.0-85097496809 | - |
| dc.identifier.hkuros | 332132 | - |
| dc.identifier.volume | 10 | - |
| dc.identifier.issue | 4 | - |
| dc.identifier.spage | 669 | - |
| dc.identifier.epage | 704 | - |
| dc.identifier.eissn | 2045-9939 | - |
| dc.identifier.isi | WOS:000595485100006 | - |
| dc.publisher.place | United Kingdom | - |