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Article: A first look at the impact of COVID-19 on commercial real estate prices: Asset-level evidence

TitleA first look at the impact of COVID-19 on commercial real estate prices: Asset-level evidence
Authors
Issue Date2020
Citation
Review of Asset Pricing Studies, 2020, v. 10, n. 4, p. 669-704 How to Cite?
AbstractThis 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 Identifierhttp://hdl.handle.net/10722/301861
ISSN
2020 SCImago Journal Rankings: 4.356

 

DC FieldValueLanguage
dc.contributor.authorLing, David C.-
dc.contributor.authorWang, Chongyu-
dc.contributor.authorZhou, Tingyu-
dc.date.accessioned2021-08-19T02:20:53Z-
dc.date.available2021-08-19T02:20:53Z-
dc.date.issued2020-
dc.identifier.citationReview of Asset Pricing Studies, 2020, v. 10, n. 4, p. 669-704-
dc.identifier.issn2045-9920-
dc.identifier.urihttp://hdl.handle.net/10722/301861-
dc.description.abstractThis 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.languageeng-
dc.relation.ispartofReview of Asset Pricing Studies-
dc.titleA first look at the impact of COVID-19 on commercial real estate prices: Asset-level evidence-
dc.typeArticle-
dc.description.naturelink_to_OA_fulltext-
dc.identifier.doi10.1093/rapstu/raaa014-
dc.identifier.scopuseid_2-s2.0-85097496809-
dc.identifier.volume10-
dc.identifier.issue4-
dc.identifier.spage669-
dc.identifier.epage704-
dc.identifier.eissn2045-9939-

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