%A David Valens
%D 2022
%L theses_frw4035
%X This paper empirically analyses the geographical exposure of real estate portfolios to Covid-
19 growth rates by examining its effect on abnormal stock returns. Sector differences and the
role of government non-pharmaceutical interventions (NPIs) are also explored. The main
result finds that higher portfolio exposure to Covid-19 growth decreases abnormal returns.
Firms that invest in hotel and retail assets are most negatively impacted, whereas those that
invest in industrial and healthcare assets are positively impacted. Announcements of NPIs
ameliorate the negative effect on abnormal returns. The analysis gives insight into the risk
posed by pandemics, details how different sectors are affected, and highlights the positive role
of government interventions.
%T The Covid-19 shock: Examining abnormal returns in European commercial real estate