The Determinants of International Commercial Real Estate Investment

被引：58
|
作者：
Lieser, Karsten [1 ]
Groh, Alexander Peter [2 ]
机构：
[1] IESE Business Sch, Int Ctr Financial Res, Barcelona 08034, Spain
[2] EMLYON Business Sch, F-69134 Ecully, France
来源：
JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS | 2014年 / 48卷 / 04期
关键词：
Real Estate Investment; International Asset Allocation; Real Estate Market Attractiveness; Augmented Random Effect Panel Regression; MARKET; REGRESSION;
D O I：
10.1007/s11146-012-9401-0
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the determinants of international commercial real estate investment using a unique set of panel data series for 47 countries worldwide, covering the period from 2000 to 2009. We explore how different socio-economic, demographic and institutional characteristics affect commercial real estate investment activity by determining both cross-sectional and time-series estimators, running augmented random effect panel regressions. We provide evidence that economic growth, rapid urbanization and compelling demographics attract real estate investment, and also demonstrate that a lack of transparency in the legal framework, administrative burdens of doing real estate business, socio-cultural challenges and political instabilities reduce international real estate allocations.
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页码：611 / 659
页数：49
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