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Of Financialization and Metropolization. The case of the European REITs sector

hal.structure.identifierDépartement de finance [Montréal]
dc.contributor.authorCoën, Alain
dc.contributor.authorLanguillon, Raphaël
hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorSimon, Arnaud
hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorZaiter, Saadallah
dc.date.accessioned2021-10-08T10:29:32Z
dc.date.available2021-10-08T10:29:32Z
dc.date.issued2019
dc.identifier.urihttps://basepub.dauphine.psl.eu/handle/123456789/21952
dc.language.isoenen
dc.subjectReal Estate Investment Trustsen
dc.subjectfinancializationen
dc.subject.ddc333en
dc.subject.classificationjelR.R1.R11en
dc.subject.classificationjelL.L8.L85en
dc.subject.classificationjelO.O2.O20en
dc.titleOf Financialization and Metropolization. The case of the European REITs sectoren
dc.typeCommunication / Conférence
dc.description.abstractenThe aim of this paper is to investigate if financialization and metropolization are two converging dynamics. We aim to verify if the most financialized European public property companies are also the main actors in the metropolization process through their portfolio arbitrages of their building stocks. In 2002, the properties held by our sample companies represented a total surface area of around 60 million square meters. The total surface area increased to 70 million square meters in 2016. We find that, between 2002 and 2016, the financialized European public property companies (F-companies) and the non-financialized European public property companies (NF-companies) exhibit a tendency to disinvest the non-urban spaces, to reinvest in the Hinterlands for the NF-companies, to reinvest in the Core for the F-companies, at least in relative terms. We also find that, in relative terms, the F-companies reallocated their portfolio toward the Large metropoles, in particular in Germany, France and Switzerland while the non-financialized companies shifted their portfolio toward the others segments (exclusively toward the Metropoles segment for Sweden). Belgium is exception, with a reversed evolution. In order tonalyze the differences in the behavior of F-companies and NF-companies, we introduce a new score transparency index. Our results suggest that F-companies are more transparent than NF-companies. They are larger in size, less dominated by insiders, are followed by more analysts and they have greater institutional ownership. The results of a logistic regression also show that F-companies have higher liquidity than NF-companies.en
dc.subject.ddclabelEconomie régionale et urbaine, Aménagement du territoire – Economie du logementen
dc.relation.conftitle59th European Regional Science Association (ESRA) Congressen
dc.relation.confdate2019-08
dc.relation.confcityLyonen
dc.relation.confcountryFranceen
dc.relation.forthcomingnonen
dc.description.ssrncandidatenon
dc.description.halcandidateouien
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewednonen
dc.date.updated2021-10-08T10:21:27Z
dc.subject.classificationjelHALR - Urban, Rural, Regional, Real Estate, and Transportation Economics::R1 - General Regional Economics::R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changesen
dc.subject.classificationjelHALL - Industrial Organization::L8 - Industry Studies: Services::L85 - Real Estate Servicesen
dc.subject.classificationjelHALO - Economic Development, Innovation, Technological Change, and Growth::O2 - Development Planning and Policy::O20 - Generalen
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