eprintid: 4035
rev_number: 4
eprint_status: archive
userid: 1
dir: disk0/00/00/40/35
datestamp: 2022-09-07 07:48:11
lastmod: 2022-09-07 07:48:11
status_changed: 2022-09-07 07:48:11
type: thesis
metadata_visibility: show
sword_depositor: 1
creators_name: Valens, David
creators_id: S3207595
creators_email: David_Valens@live.nl
title: The Covid-19 shock: Examining abnormal returns in European commercial real estate
ispublished: unpub
full_text_status: public
abstract: 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.
date: 2022
pages: 41
thesis_type: master
degree_programme: VG
tutors_name: Daams, M.N.
tutors_name: Liu, X.
tutors_organization: Fac. Ruimtelijke wetenschappen, Basiseenheid Economische Geografie
tutors_organization: Fac. Ruimtelijke wetenschappen, Basiseenheid Economische Geografie
tutors_email: M.N.Daams@rug.nl
tutors_email: Xiaolong.Liu@rug.nl
security: public
keywords_local: Covid-19
keywords_local: Commercial Real Estate
keywords_local: Abnormal Returns
keywords_local: Non-pharmaceutical Interventions
language_iso: en
date_issued: 2022-09-06
citation:   Valens, David  (2022) The Covid-19 shock: Examining abnormal returns in European commercial real estate.  Master thesis.   
document_url: https://frw.studenttheses.ub.rug.nl/4035/1/Master%20Thesis%20David%20Valens%20S3207595.pdf