caa a22 4500 44531642X CHVBK 20180317142649.0 cr unu---uuuuu 170323e20110701xx s 000 0 eng 10.1007/s11146-010-9245-4 doi (NATIONALLICENCE)springer-10.1007/s11146-010-9245-4 How Do Institutional Factors Affect International Real Estate Returns? [Elektronische Daten] [Robert Edelstein, Wenlan Qian, Desmond Tsang] Prior international real estate studies recognize the importance of country-specific factors for explaining real estate security returns. Using firm level observations from the FTSE NAREIT/EPRA Index for 2004-2006, we construct a set of multifactor multivariate statistical regression models to identify and pin-point country-specific institutional features that determine differences for excess real estate security returns. Our analyses indicate that the excess real estate returns (i.e., required risk premiums) are, in part, determined by the quality of a country's legal system and the corporate governance environment, controlling for various country-specific macro-economic variables and firm-level characteristics. We further find that the impact of institutional factors on international real estate returns is more prominent in the Asia-Pacific Region, and recent development of the REIT structure across the world does not alter the importance of corporate governance and legal system quality for determining real estate returns. Springer Science+Business Media, LLC, 2010 International real estate returns nationallicence REITs nationallicence Corporate governance nationallicence Legal environment nationallicence Accounting standards nationallicence Country risks nationallicence Edelstein Robert Haas School of Business F602, University of California at Berkeley, 94720, Berkeley, CA, USA aut Qian Wenlan NUS Business School and Institute of Real Estate Studies and Risk Management Institute, National University of Singapore, Singapore, Singapore aut Tsang Desmond Desautels Faculty of Management, McGill University, Montreal, Quebec, Canada aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/1-2(2011-07-01), 130-151 0895-5638 43:1-2<130 2011 43 11146 https://doi.org/10.1007/s11146-010-9245-4 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-010-9245-4 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Edelstein Robert Haas School of Business F602, University of California at Berkeley, 94720, Berkeley, CA, USA aut NATIONALLICENCE 700 1- Qian Wenlan NUS Business School and Institute of Real Estate Studies and Risk Management Institute, National University of Singapore, Singapore, Singapore aut NATIONALLICENCE 700 1- Tsang Desmond Desautels Faculty of Management, McGill University, Montreal, Quebec, Canada aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/1-2(2011-07-01), 130-151 0895-5638 43:1-2<130 2011 43 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer