Titlebook: Essays on the Impact of Sentiment on Real Estate Investments; Anna Mathieu Book 2016 Springer Fachmedien Wiesbaden 2016 Real Estate Invest

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Investor Sentiment and the Return and Volatility of REITs and Non-REITs during the Financial Crisisarket; their trading lets prices deviate from their fundamental values. This deviation is persistent and introduces a new kind of risk - the noise trader risk (Shleifer and Summers, 1990, Sias et al., 2001, De Long et al., 1989).

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Introduction, typically offer market capitalizations that are smaller than their net asset value (NAV), closed-end funds are usually traded at a discount to their NAV and real estate investment trusts are often mispriced. Attempts to explain these anomalies are at least incomplete.

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The Impact of Investor Sentiment on REIT Returns,oncentrate on the return generating process of REITs. Chui et al. (2003), for instance, examine the cross-sectional determinants of expected REIT returns. Hsieh and Peterson (1997) find that risk premiums on equity REITs are related to their market capitalization and the book to market ratio. Clayto

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Investor Sentiment and the Return and Volatility of REITs and Non-REITs during the Financial Crisiset is based on an external, noisy signal that conveys no information about fundamentals. Investor sentiment is such a signal. Sentiment reflects the optimism or pessimism of the market and does not need to be completely rational. The more extreme the sentiment is, the more noise traders act in the m

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The Impact of Consumer Sentiment on the Number of New Home Sales,ed by phenomena that appear to contradict this paradigm, such as excessive volatility or mean reversion of stock prices. One explanation for these phenomena are the actions of so called noise traders (Black, 1986). Noise traders suffer from cognitive biases, such as overconfidence or overreaction. T

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Essays on the Impact of Sentiment on Real Estate Investments978-3-658-11637-8Series ISSN 2570-2246 Series E-ISSN 2570-2254

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