caa a22 4500 445316500 CHVBK 20180317142649.0 cr unu---uuuuu 170323e20110701xx s 000 0 eng 10.1007/s11146-010-9244-5 doi (NATIONALLICENCE)springer-10.1007/s11146-010-9244-5 Transparency, Integration, and the Cost of International Real Estate Investments [Elektronische Daten] [Piet Eichholtz, Nils Gugler, Nils Kok] This paper investigates the importance of market institutions for the performance of international property investors during the 1996-2007 period. The results show that international property companies underperform local property companies in the early years of the sample period. This underperformance is driven by the political environment, the level of economic integration, and the transparency of the real estate market in target countries. The underperformance of internationals disappears in the later years of the sample period, and so does the significance of the aforementioned factors in explaining performance differences among international companies. These findings suggest that the increased transparency of the global real estate industry has leveled the playing field for foreign property investors. The Author(s), 2010 Real estate nationallicence Transparency nationallicence Political risk nationallicence Investments nationallicence International nationallicence Eichholtz Piet Maastricht University, PO Box616, 6200 MD, Maastricht, the Netherlands aut Gugler Nils Maastricht University, PO Box616, 6200 MD, Maastricht, the Netherlands aut Kok Nils Maastricht University, PO Box616, 6200 MD, Maastricht, the Netherlands aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/1-2(2011-07-01), 152-173 0895-5638 43:1-2<152 2011 43 11146 https://doi.org/10.1007/s11146-010-9244-5 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-010-9244-5 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Eichholtz Piet Maastricht University, PO Box616, 6200 MD, Maastricht, the Netherlands aut NATIONALLICENCE 700 1- Gugler Nils Maastricht University, PO Box616, 6200 MD, Maastricht, the Netherlands aut NATIONALLICENCE 700 1- Kok Nils Maastricht University, PO Box616, 6200 MD, Maastricht, the Netherlands 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), 152-173 0895-5638 43:1-2<152 2011 43 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer