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Corporate focus, residential assets, and the performance of French REITs

hal.structure.identifierLaboratoire d'Economie de Dauphine [LEDa]
dc.contributor.authorBeaubrun-Diant, Kévin
hal.structure.identifier
hal.structure.identifierResearch Center on Economics
dc.contributor.authorMaury, Tristan-Pierre
dc.date.accessioned2021-10-07T08:36:23Z
dc.date.available2021-10-07T08:36:23Z
dc.date.issued2021
dc.identifier.issn1467-8586
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/21944
dc.language.isoenen
dc.subjectDiversificationen
dc.subjectResidential real estate marketen
dc.subjectREITSen
dc.subject.ddc332en
dc.subject.classificationjelR31en
dc.subject.classificationjelR33en
dc.subject.classificationjelG23en
dc.titleCorporate focus, residential assets, and the performance of French REITsen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThis paper raises the question of the specific impact of the share of residential assets on the performance of real estate investment trusts (REITs). In the literature, many articles questioning the importance of the nature of assets held in general (and residential assets in particular) do not take the level of diversification of REITs into account. We incorporate this factor into our analysis and integrate our measure of the effects of residential assets in a framework controlling for the impact of the diversification of the type of real estate assets held. Based on French data, we question whether REITs holding residential assets perform better than REITs holding little or no residential assets for a given level of diversification. We do not detect any significant diversification effect on the performances of French REITs. We also test the impact of asset diversification on REITs market volatility. We provide some evidence that firms with strongly concentrated balance sheets are more volatile than diversified firms, but this effect is weaker for REITs holding mostly residential rather than other types of assets.en
dc.relation.isversionofjnlnameBulletin of Economic Research
dc.relation.isversionofjnldate2021
dc.relation.isversionofjnlpages1-23en
dc.relation.isversionofdoi10.1111/boer.12311en
dc.relation.isversionofjnlpublisherWileyen
dc.subject.ddclabelEconomie financièreen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2021-10-07T07:48:20Z
hal.identifierhal-03369147
hal.version1
dc.subject.classificationjelHALR.R3.R31en
dc.subject.classificationjelHALR.R3.R33en
dc.subject.classificationjelHALG.G2.G23en
hal.date.transferred2021-10-07T08:36:25Z
hal.author.functionaut
hal.author.functionaut


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