The Continuing Overreaction in the REIT Market
Abstract We find that REITs, which are most held by institutional investors and are characterized as being passive investment instruments, exhibit price continuing overreaction. The empirical results show that buying REITs with an upward continuing overreaction and shorting REITs with a downward con...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Liu, Ming-Yu [verfasserIn] |
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| Format: |
Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2019 |
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| Schlagwörter: |
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| Anmerkung: |
© Springer Science+Business Media, LLC, part of Springer Nature 2019 |
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| Übergeordnetes Werk: |
Enthalten in: The journal of real estate finance and economics - Springer US, 1988, 61(2019), 1 vom: 20. Juni, Seite 129-149 |
|---|---|
| Übergeordnetes Werk: |
volume:61 ; year:2019 ; number:1 ; day:20 ; month:06 ; pages:129-149 |
| Links: |
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| DOI / URN: |
10.1007/s11146-019-09707-x |
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| 520 | |a Abstract We find that REITs, which are most held by institutional investors and are characterized as being passive investment instruments, exhibit price continuing overreaction. The empirical results show that buying REITs with an upward continuing overreaction and shorting REITs with a downward continuing overreaction yields a significant positive return, and that the return patterns reverse in the long run. We further find that the continuing overreaction comes from the trading of active mutual funds, suggesting that active fund managers exhibit the biases of overconfidence and self-attribution. Finally, we show that market continuation and high information uncertainty amplify the degree of continuing overreaction. | ||
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10.1007/s11146-019-09707-x doi (DE-627)OLC2037181787 (DE-He213)s11146-019-09707-x-p DE-627 ger DE-627 rakwb eng 330 VZ Liu, Ming-Yu verfasserin aut The Continuing Overreaction in the REIT Market 2019 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science+Business Media, LLC, part of Springer Nature 2019 Abstract We find that REITs, which are most held by institutional investors and are characterized as being passive investment instruments, exhibit price continuing overreaction. The empirical results show that buying REITs with an upward continuing overreaction and shorting REITs with a downward continuing overreaction yields a significant positive return, and that the return patterns reverse in the long run. We further find that the continuing overreaction comes from the trading of active mutual funds, suggesting that active fund managers exhibit the biases of overconfidence and self-attribution. Finally, we show that market continuation and high information uncertainty amplify the degree of continuing overreaction. Real estate investment trust Continuing overreaction Overconfidence Self-attribution Institutional investor Lu, Chiuling (orcid)0000-0002-4990-8883 aut Enthalten in The journal of real estate finance and economics Springer US, 1988 61(2019), 1 vom: 20. Juni, Seite 129-149 (DE-627)170550265 (DE-600)1073289-5 (DE-576)025193546 0895-5638 nnns volume:61 year:2019 number:1 day:20 month:06 pages:129-149 https://doi.org/10.1007/s11146-019-09707-x lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_648 AR 61 2019 1 20 06 129-149 |
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10.1007/s11146-019-09707-x doi (DE-627)OLC2037181787 (DE-He213)s11146-019-09707-x-p DE-627 ger DE-627 rakwb eng 330 VZ Liu, Ming-Yu verfasserin aut The Continuing Overreaction in the REIT Market 2019 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science+Business Media, LLC, part of Springer Nature 2019 Abstract We find that REITs, which are most held by institutional investors and are characterized as being passive investment instruments, exhibit price continuing overreaction. The empirical results show that buying REITs with an upward continuing overreaction and shorting REITs with a downward continuing overreaction yields a significant positive return, and that the return patterns reverse in the long run. We further find that the continuing overreaction comes from the trading of active mutual funds, suggesting that active fund managers exhibit the biases of overconfidence and self-attribution. Finally, we show that market continuation and high information uncertainty amplify the degree of continuing overreaction. Real estate investment trust Continuing overreaction Overconfidence Self-attribution Institutional investor Lu, Chiuling (orcid)0000-0002-4990-8883 aut Enthalten in The journal of real estate finance and economics Springer US, 1988 61(2019), 1 vom: 20. Juni, Seite 129-149 (DE-627)170550265 (DE-600)1073289-5 (DE-576)025193546 0895-5638 nnns volume:61 year:2019 number:1 day:20 month:06 pages:129-149 https://doi.org/10.1007/s11146-019-09707-x lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_648 AR 61 2019 1 20 06 129-149 |
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10.1007/s11146-019-09707-x doi (DE-627)OLC2037181787 (DE-He213)s11146-019-09707-x-p DE-627 ger DE-627 rakwb eng 330 VZ Liu, Ming-Yu verfasserin aut The Continuing Overreaction in the REIT Market 2019 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science+Business Media, LLC, part of Springer Nature 2019 Abstract We find that REITs, which are most held by institutional investors and are characterized as being passive investment instruments, exhibit price continuing overreaction. The empirical results show that buying REITs with an upward continuing overreaction and shorting REITs with a downward continuing overreaction yields a significant positive return, and that the return patterns reverse in the long run. We further find that the continuing overreaction comes from the trading of active mutual funds, suggesting that active fund managers exhibit the biases of overconfidence and self-attribution. Finally, we show that market continuation and high information uncertainty amplify the degree of continuing overreaction. Real estate investment trust Continuing overreaction Overconfidence Self-attribution Institutional investor Lu, Chiuling (orcid)0000-0002-4990-8883 aut Enthalten in The journal of real estate finance and economics Springer US, 1988 61(2019), 1 vom: 20. Juni, Seite 129-149 (DE-627)170550265 (DE-600)1073289-5 (DE-576)025193546 0895-5638 nnns volume:61 year:2019 number:1 day:20 month:06 pages:129-149 https://doi.org/10.1007/s11146-019-09707-x lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_648 AR 61 2019 1 20 06 129-149 |
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10.1007/s11146-019-09707-x doi (DE-627)OLC2037181787 (DE-He213)s11146-019-09707-x-p DE-627 ger DE-627 rakwb eng 330 VZ Liu, Ming-Yu verfasserin aut The Continuing Overreaction in the REIT Market 2019 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science+Business Media, LLC, part of Springer Nature 2019 Abstract We find that REITs, which are most held by institutional investors and are characterized as being passive investment instruments, exhibit price continuing overreaction. The empirical results show that buying REITs with an upward continuing overreaction and shorting REITs with a downward continuing overreaction yields a significant positive return, and that the return patterns reverse in the long run. We further find that the continuing overreaction comes from the trading of active mutual funds, suggesting that active fund managers exhibit the biases of overconfidence and self-attribution. Finally, we show that market continuation and high information uncertainty amplify the degree of continuing overreaction. Real estate investment trust Continuing overreaction Overconfidence Self-attribution Institutional investor Lu, Chiuling (orcid)0000-0002-4990-8883 aut Enthalten in The journal of real estate finance and economics Springer US, 1988 61(2019), 1 vom: 20. Juni, Seite 129-149 (DE-627)170550265 (DE-600)1073289-5 (DE-576)025193546 0895-5638 nnns volume:61 year:2019 number:1 day:20 month:06 pages:129-149 https://doi.org/10.1007/s11146-019-09707-x lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_648 AR 61 2019 1 20 06 129-149 |
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Abstract We find that REITs, which are most held by institutional investors and are characterized as being passive investment instruments, exhibit price continuing overreaction. The empirical results show that buying REITs with an upward continuing overreaction and shorting REITs with a downward continuing overreaction yields a significant positive return, and that the return patterns reverse in the long run. We further find that the continuing overreaction comes from the trading of active mutual funds, suggesting that active fund managers exhibit the biases of overconfidence and self-attribution. Finally, we show that market continuation and high information uncertainty amplify the degree of continuing overreaction. © Springer Science+Business Media, LLC, part of Springer Nature 2019 |
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Abstract We find that REITs, which are most held by institutional investors and are characterized as being passive investment instruments, exhibit price continuing overreaction. The empirical results show that buying REITs with an upward continuing overreaction and shorting REITs with a downward continuing overreaction yields a significant positive return, and that the return patterns reverse in the long run. We further find that the continuing overreaction comes from the trading of active mutual funds, suggesting that active fund managers exhibit the biases of overconfidence and self-attribution. Finally, we show that market continuation and high information uncertainty amplify the degree of continuing overreaction. © Springer Science+Business Media, LLC, part of Springer Nature 2019 |
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Abstract We find that REITs, which are most held by institutional investors and are characterized as being passive investment instruments, exhibit price continuing overreaction. The empirical results show that buying REITs with an upward continuing overreaction and shorting REITs with a downward continuing overreaction yields a significant positive return, and that the return patterns reverse in the long run. We further find that the continuing overreaction comes from the trading of active mutual funds, suggesting that active fund managers exhibit the biases of overconfidence and self-attribution. Finally, we show that market continuation and high information uncertainty amplify the degree of continuing overreaction. © Springer Science+Business Media, LLC, part of Springer Nature 2019 |
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<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01000caa a22002652 4500</leader><controlfield tag="001">OLC2037181787</controlfield><controlfield tag="003">DE-627</controlfield><controlfield tag="005">20230504151711.0</controlfield><controlfield tag="007">tu</controlfield><controlfield tag="008">200819s2019 xx ||||| 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1007/s11146-019-09707-x</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627)OLC2037181787</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-He213)s11146-019-09707-x-p</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="082" ind1="0" ind2="4"><subfield code="a">330</subfield><subfield code="q">VZ</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Liu, Ming-Yu</subfield><subfield code="e">verfasserin</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">The Continuing Overreaction in the REIT Market</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="c">2019</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">ohne Hilfsmittel zu benutzen</subfield><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Band</subfield><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">© Springer Science+Business Media, LLC, part of Springer Nature 2019</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Abstract We find that REITs, which are most held by institutional investors and are characterized as being passive investment instruments, exhibit price continuing overreaction. 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