Abstract
Little is known about the performance of public and private real estate investments during and after flight to safety (FTS). We document that public real estate securities offer a partial hedge during FTS events. In addition, periods with multiple FTS events forecast slower economic growth, resulting in weaker long-run investment performance of real estate assets. Following FTS, the probability of a drop in real estate cash flows increases by up to 20%, with quarterly cash flow growth rates declining by as much as 27%. Private market real estate price appreciation over the four quarters following FTS is nearly wiped out.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 147-172 |
| Number of pages | 26 |
| Journal | Real Estate Economics |
| Volume | 50 |
| Issue number | 1 |
| DOIs | |
| State | Published - Mar 1 2022 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 8 Decent Work and Economic Growth
All Science Journal Classification (ASJC) codes
- Accounting
- Finance
- Economics and Econometrics
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