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Search cost and information disadvantage in real estate market: an analysis of return performance about A-REITs

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  • Yuan Zhu

Abstract

Based on search cost and information asymmetry and using a two-level setting with REITs, we want to figure out whether there is a significant total return performance difference between local and overseas properties among A-REITs. The results are consistent with search cost theory and then we want to explore the reason why the REITs managers still like to conduct overseas acquisition under property-level return performance disadvantage. We compare A-REITs which hold overseas properties (International A-REITs) and A-REITs which just hold local properties (Pure A-REITs) and further explain this by our analysis of marginal investors’ behavior.

Suggested Citation

  • Yuan Zhu, 2023. "Search cost and information disadvantage in real estate market: an analysis of return performance about A-REITs," ERES eres2023_348, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2023_348
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    More about this item

    Keywords

    Information Asymmetry; Portfolio return; REITs; Search cost;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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