Understanding the discount: Evidence from European property shares

Journal of Real Estate Portfolio Management

Volumn 11, Issue 3, 2005, Pages 241-251

  Brounen, Dirk ^a   ter Laak, Martijn ^b  

^a ERASMUS UNIVERSITY   (Netherlands)

^b Kempen and Co   (Netherlands)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 29144507292     PISSN: 10835547     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (20)

1. Adams, A. and P. Venmore-Rowland, Property Share Valuation, Journal of Property Valuation and Investment, 1990, 8:2, 127-42.
2. Barberis, N., A. Schleifer and J. Wurgler, Comovement, Journal of Financial Economics, 2005, 75, 283-317.
3. Barkham, R. J. and C. W. R. Ward, Investor Sentiment and Noise Traders: Discounts to Net Asset Value in Listed Property Companies in the U.K., Journal of Real Estate Research, 1999, 18, 291-312.
4. Benveniste, L., D. R. Capozza and P. J. Seguin, The Value of Liquidity, Real Estate Economics, 2001, 29:4, 666-60.
5. Boer, D., D. Brounen and H. Op't Veld, Corporate Focus and Stock Performance: Evidence from International Listed Property Markets, Journal of Real Estate Finance and Economics, 2005, forthcoming.
6. Bond, S. and J. D. Shilling, An Evaluation of Property Company Discounts in Europe, Unpublished working paper, University of Cambridge, 2003.
7. Boudreaux, K. J., Discounts and Premiums on Closed-end Mutual Funds: A Study in Valuation, Journal of Finance, 1973, 28:2, 515-22.
8. Capozza, D. R. and S. Lee, Portfolio Characteristics and Net Asset Values in REITs, Canadian Journal of Economics, 1996, 29:2, 520-26.
9. Capozza, D. R. and P. J. Seguin, Focus, Transparency and Value: the REIT Evidence, Real Estate Economics, 1999, 27, 587-619.
10. Capozza, D. R. and P. J. Seguin, Debt, Agency and Management Contracts in REITs: The External Advisor Puzzle, Journal of Real Estate Finance and Economics, 2000, 20, 587-619.
11. Capozza, D. R. and P. J. Seguin, Inside Ownership, Risk Sharing and Tobin's q-Ratios: Evidence from REITs, Real Estate Economics, 2003, 31:3, 367-405.
12. Dimson, E. and C. Minio-Paluello, The Closed-End Fund Discount, Association for Investment Management & Research, Blackwells, 2002.
13. Fama, E., Efficient Capital Markets: A Review of Theory and Empirical Work, Journal of Finance, 1970, 25:2, 383-417.
14. Lee, S. L., The Relative Importance of Property Type and Regional Factors in Real Estate Returns, Journal of Real Estate Portfolio Management, 2001, 7:2, 159-67.
15. Lee, C. M. C., A. Shleifer and A. R. H. Thaler, Investor Sentiment and the Closed-End Fund Puzzle, Journal of Finance, 1991, 75-109.
16. Lynch, A. W. and R. R. Mendenhall, New Evidence on Stock Price Effects Associated with Changes in the S&P 500 Index, Journal of Business, 1997, 70:3, 351-83.
17. Malkiel, B. G., The Valuation of Closed-End Investment-Company Shares, Journal of Finance, 1977, 32:3 847-59.
18. Malkiel, B. G., The Structure of Closed-End Fund Discounts Revisited, Journal of Portfolio Management, 1995, 32-38.
19. Pratt, E. J., Myths Associated With Closed-End Investment Company Discounts, Financial Analyst Journal, 1996, July-August, 79-82.
20. Shin, H. H. and R. Stulz, Firm Value. Risk and Growth Opportunities, NBER working paper, 2000, 7808.