Cross-Border Investment And Firm Liquidity

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.

Publication Date

1-1-2016

Publication Title

Journal of Real Estate Portfolio Management

Volume

22

Issue

2

Number of Pages

105-127

Document Type

Editorial Material

Personal Identifier

scopus

Socpus ID

85007154220 (Scopus)

Source API URL

https://api.elsevier.com/content/abstract/scopus_id/85007154220

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