By G. Mattarocci
This publication analyses calendar anomalies within the actual property with a spotlight at the eu marketplace. It considers annual, per thirty days and weekly calendar anomalies a consultant pattern of eu REITs and highlights the most modifications among the nations.
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Additional resources for Anomalies in the European REITs Market: Evidence from Calendar Effects
These types of fund are frequently listed in the stock exchange to allow the investor to liquidate the investment before the end of its life. The performance for a fund of funds (of REITs) is comparable to that of the underlying assets, even if the tax laws and organizational structure are different (Biasin, 2003). , Giannotti and Mattarocci, 2009). 6 Conclusion As one of the main instruments used for investing in the real estate sector, the role of REITs has increased over time. Nowadays, these financial instruments are traded in almost all countries and the main countries, in terms of both the number and size of instruments traded, are American, Asian, and European.
2007). , Italy), where the tax law was restrictive to start with. 2). 4) in the last five years is presented, to identify the specific characteristics of the European industry and of each European country. 2). 90% Source: Scenari Immobiliari data processed by the author. 2012 The European REIT Industry 21 than 10 percent). In the European market, REITs represent around 40 percent of the market and they are always less important than unlisted REITs. Regarding market share trends, REITs are not growing significantly over time.
Institutional investors behave differently after the weekend, due to industry-wide business practices adopted by almost all players. At the beginning of each Monday, all institutional investors meet to define the strategy for the upcoming week and so, in the early hours of Monday, orders are submitted by almost none of the players (Abraham and Ikenberry, 1994). Empirical evidence of institutional investor holdings demonstrates that their investment strategy is significantly different on Mondays, in comparison to the other days of the week, even if, during the last decade, this behaviour has been less obvious (Chan, Leung, and Wang, 2004).
Anomalies in the European REITs Market: Evidence from Calendar Effects by G. Mattarocci