Abstract
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.
| Original language | American English |
|---|---|
| Journal | Journal of Real Estate Portfolio Management |
| Volume | 22 |
| State | Published - Jan 1 2016 |
Disciplines
- Business
- Finance and Financial Management