Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities
研究了全球市场、货币和通胀风险如何影响国际房地产证券收益，并分析了本地银行系统信贷错误定价与这些证券收益的关系。基于1999年至2011年的全球样本数据，验证了宏观经济风险因素与收益的预期关系，以及本地信贷市场状况对收益的影响。
We examine the canonical influence of global market, currency and inflation risks on the returns from international real estate securities. In addition, we study how mispricing of credit in the local banking systems is related to the returns from these securities. We analyze a global sample of real estate securities over the period 1999 to 2011 to test our hypotheses. We find support for the anticipated relationships between macroeconomic risk factors and the returns from international real estate securities. Our evidence also supports the expected link between local credit market conditions and the performance of international real estate securities.