Connected markets through global real estate investments
研究了全球投资者在不同城市共同持有商业地产形成的网络如何导致市场风险联动，发现所有权共通性显著解释国际写字楼市场表现同步性，尤其在金融危机期间传导机制最强。
Abstract This study focuses on the possibility of higher risk in commercial real estate markets due to the “linked ownership” network, which is measured by the common holdings of properties in different urban real estate markets by the same investor. Using data from 2007 to 2016, our results show that commonality in ownership can explain the significant comovement in international office market performance and add additional information to other matrices constructed by geographic distance, mergers and acquisitions capital flow, currency unit, and even overlapping occupiers located in those cities. The transmission mechanism is most pronounced and persistent during the global financial crisis period.