By G. Mattarocci
This e-book analyses calendar anomalies within the genuine property with a spotlight at the eu marketplace. It considers annual, per thirty days and weekly calendar anomalies a consultant pattern of eu REITs and highlights the most variations among the nations.
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Additional info for Anomalies in the European REITs Market: Evidence from Calendar Effects
Since the discovery of the calendar anomaly, there has been a huge debate about the main reasons behind these recurrent trends and the main causes identified could be classified in terms of information theory, the settlement procedure, speculative trading, or investor behavior. There is no evidence that can uniquely explain the weekend effect and the consensus is that the effect is driven by a sum of events instead of a single one. The calendar anomaly is also considered in the literature on portfolio management, but due to the high number of rebalanced assets involved, strategy performance cannot be higher than in a standard buy and hold strategy.
The variations in performance can be ascribed to different sensitivities to market uptrends and downtrends for the days of the week, which imply greater or lesser relevance of the weekend effect (Chang, Pinegar, and Ravichandran, 1995). 2 Fixed income Preliminary evidence from the bond market, focusing on Treasury bonds, demonstrates that the same day of the week anomaly that can be identified for risky assets is also verified for the fixed-income market (Singleton and Wingender, 1994). The relevance of the weekend effect differs among similar securities and normally increases with the maturity of the securities (Flannery and Protopapadakis, 1988).
2012 The European REIT Industry 21 than 10 percent). In the European market, REITs represent around 40 percent of the market and they are always less important than unlisted REITs. Regarding market share trends, REITs are not growing significantly over time. 3). In a comparison of geographical areas, the Americas and Europe represent the main markets for the REIT industry, while Africa plays only a residual role. 2 European countries are experiencing rapid growth in the number of REITs listed (more than 30 percent of the overall market in 2012), as well as in their market value.
Anomalies in the European REITs Market: Evidence from Calendar Effects by G. Mattarocci