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Article
Cross-Border Investment and Firm Liquidity
Journal of Real Estate Portfolio Management
(2016)
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.
Disciplines
Publication Date
January 1, 2016
Citation Information
Hainan Sheng, George D. Cashman, David M. Harrison and Michael J Seiler. "Cross-Border Investment and Firm Liquidity" Journal of Real Estate Portfolio Management Vol. 22 Iss. 2 (2016) p. 105 - 128 Available at: http://works.bepress.com/hainansheng/4/