By G. Mattarocci
This publication analyses calendar anomalies within the actual property with a spotlight at the eu industry. It considers annual, per thirty days and weekly calendar anomalies taking a look at a consultant pattern of ecu REITs and highlights the most transformations among the nations.
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Additional resources for Anomalies in the European REITs Market: Evidence from Calendar Effects
2 Settlement procedure The settlement procedure is almost never released on the same day of trading, due to its high real-time costs. The solution adopted in the different markets can be classified as either a rolling or fixed settlement procedure. A rolling settlement procedure establishes a fixed number of working days to represent the lag between the trading and settlement The Day of the Week Effect 37 dates; and the longer the clearing delay, the longer the time during which the money is available (or unavailable) to the buyer (or seller) before the transaction is completed.
Source: Scenari Immobiliari data processed by the author. 7). The European market is, on average, highly concentrated because the ten largest REITs (out of more than 160 REITs) represent around 50 percent of the market. , the United Kingdom and Belgium), where, on average, these REITs represent around the 90 percent of the overall market value. 3 Asset allocation In all European countries, to achieve REIT status the investment portfolio has to consist (almost exclusively) of real estate assets (incomeproducing or development projects) (Niskanen and Falkenbach, 2010).
Since the beginning of the 20th century, a huge number of authors have tried to identify the characteristics and causes of such anomalies. Among equity features that could affect the relevance of the weekend effect, the literature recognizes the roles of firm size, sectors, and over-the-counter negotiations. Smaller firms are normally characterized by results that show higher volatility, due to the greater uncertainty of the investment and higher variability of demand and supply (Reinganum, 1981).
Anomalies in the European REITs Market: Evidence from Calendar Effects by G. Mattarocci