Valens, David (2022) The Covid-19 shock: Examining abnormal returns in European commercial real estate. Master thesis.
|
Text
Master Thesis David Valens S3207595.pdf Download (1MB) | Preview |
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.
| Item Type: | Thesis (Master) |
|---|---|
| Degree programme: | Real Estate Studies |
| Supervisor: | Daams, M.N. and Liu, X. |
| Date Deposited: | 07 Sep 2022 07:48 |
| Last Modified: | 07 Sep 2022 07:48 |
| URI: | https://frw.studenttheses.ub.rug.nl/id/eprint/4035 |
Actions (login required)
 |
View Item |