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Cross-Border Investment and Firm Liquidity

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  • George D. Cashman
  • David M. Harrison
  • Michael J. Seiler
  • Hainan Sheng

Abstract

Executive Summary. We investigate the influence of interjurisdictional, geographic-based information barriers on the financial transparency and liquidity of real estate organizations across the Asia-Pacific region. Given both the unique regulatory distribution requirements across this industry and the capital-intensive nature of most real estate investment activities, firms within this market sector face unique, substantive financing concerns. As a consequence, financial transparency and liquidity are of increased importance to firms within this industry. Consistent with this paradigm, we find strong evidence that Asia-Pacific real estate firms facing enhanced levels of political risk and uncertainty are characterized by higher information barriers, and exhibit reduced financial market liquidity as measured by wider bid-ask spreads.

Suggested Citation

  • George D. Cashman & David M. Harrison & Michael J. Seiler & Hainan Sheng, 2016. "Cross-Border Investment and Firm Liquidity," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 22(2), pages 105-127, January.
    • Handle: RePEc:taf:repmxx:v:22:y:2016:i:2:p:105-127
    DOI: 10.1080/10835547.2016.12089986
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