Abstract
Executive Summary. This study uses a dataset comprised of 13 developed securitized real estate markets to measure a real estate securities market's integration with global stock, global real estate, and local stock markets of the respective regions. The time-varying integration score results indicate these developed markets are more integrated with their local stock market while weakly integrated with the global stock and global real estate markets. Additionally, these real estate markets have shown some tendency toward global stock or global real estate market integration, while at the same time have displayed some interdependence with local stock markets. These findings will help investors better understand real estate securities market integration in the context of globalization.
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