{"id":"https://openalex.org/W1996217783","doi":"https://doi.org/10.1108/14635781311322210","title":"Are REITs a good shelter from financial crises? Evidence from the Asian markets","display_name":"Are REITs a good shelter from financial crises? Evidence from the Asian markets","publication_year":2013,"publication_date":"2013-04-11","ids":{"openalex":"https://openalex.org/W1996217783","doi":"https://doi.org/10.1108/14635781311322210","mag":"1996217783"},"language":"en","primary_location":{"id":"doi:10.1108/14635781311322210","doi":"https://doi.org/10.1108/14635781311322210","is_oa":false,"landing_page_url":"https://doi.org/10.1108/14635781311322210","pdf_url":null,"source":{"id":"https://openalex.org/S136999626","display_name":"Journal of Property Investment and Finance","issn_l":"1463-578X","issn":["1463-578X","1470-2002"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Property Investment & Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5071610582","display_name":"Ming\u2010Chu Chiang","orcid":"https://orcid.org/0000-0001-8694-2805","observed_orcids":["https://orcid.org/0000-0001-8694-2805"]},"institutions":[{"id":"https://openalex.org/I75357094","display_name":"National Yunlin University of Science and Technology","ror":"https://ror.org/04qkq2m54","country_code":"TW","type":"education","lineage":["https://openalex.org/I75357094"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"Ming\u2010Chu Chiang","raw_affiliation_strings":["Department of Finance, National Yunlin University of Science and Technology, Douliou, Taiwan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance, National Yunlin University of Science and Technology, Douliou, Taiwan","institution_ids":["https://openalex.org/I75357094"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5078667374","display_name":"I\u2010Chun Tsai","orcid":"https://orcid.org/0000-0001-8277-2327","observed_orcids":["https://orcid.org/0000-0001-8277-2327"]},"institutions":[{"id":"https://openalex.org/I192168892","display_name":"National University of Kaohsiung","ror":"https://ror.org/013zjb662","country_code":"TW","type":"education","lineage":["https://openalex.org/I192168892"]}],"countries":["TW"],"is_corresponding":false,"raw_author_name":"I\u2010Chun Tsai","raw_affiliation_strings":["Department of Finance, National University of Kaohsiung, Kaohsiung, Taiwan"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance, National University of Kaohsiung, Kaohsiung, Taiwan","institution_ids":["https://openalex.org/I192168892"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5015678333","display_name":"Tien Foo Sing","orcid":"https://orcid.org/0000-0002-4101-851X","observed_orcids":["https://orcid.org/0000-0002-4101-851X"]},"institutions":[{"id":"https://openalex.org/I165932596","display_name":"National University of Singapore","ror":"https://ror.org/01tgyzw49","country_code":"SG","type":"education","lineage":["https://openalex.org/I165932596"]}],"countries":["SG"],"is_corresponding":false,"raw_author_name":"Tien\u2010Foo Sing","raw_affiliation_strings":["Department of Real Estate, National University of Singapore, Singapore"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Real Estate, National University of Singapore, Singapore","institution_ids":["https://openalex.org/I165932596"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":5.2478,"has_fulltext":false,"cited_by_count":21,"citation_normalized_percentile":{"value":0.95073296,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":"31","issue":"3","first_page":"237","last_page":"253"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.9603999853134155,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.9603999853134155,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.0203000009059906,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.006899999920278788,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/real-estate-investment-trusts","display_name":"real estate investment trusts","score":0.8519999980926514},{"id":"https://openalex.org/keywords/financial-crises","display_name":"financial crisis","score":0.8399999737739563},{"id":"https://openalex.org/keywords/dynamic-correlation","display_name":"dynamic correlation","score":0.796999990940094},{"id":"https://openalex.org/keywords/extreme-value-theory","display_name":"extreme value theory","score":0.7609999775886536},{"id":"https://openalex.org/keywords/subprime-mortgage-crisis","display_name":"subprime crisis","score":0.8059999942779541},{"id":"https://openalex.org/keywords/lehman-brothers-collapse","display_name":"Lehman Brothers collapse","score":0.9010000228881836},{"id":"https://openalex.org/keywords/portfolio-diversification","display_name":"portfolio diversification","score":0.777999997138977},{"id":"https://openalex.org/keywords/conditional-risk","display_name":"conditional risk","score":0.3330000042915344}],"concepts":[{"id":"https://openalex.org/C38815200","wikidata":"https://www.wikidata.org/wiki/Q697852","display_name":"Real estate investment trust","level":3,"score":0.8214244842529297},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.662968635559082},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.5997401475906372},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.5393969416618347},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5146239995956421},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5048456788063049},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.47689560055732727},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.46211981773376465},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.36344432830810547},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.24037665128707886},{"id":"https://openalex.org/C82279013","wikidata":"https://www.wikidata.org/wiki/Q684740","display_name":"Real estate","level":2,"score":0.21561017632484436},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.08628404140472412},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1108/14635781311322210","doi":"https://doi.org/10.1108/14635781311322210","is_oa":false,"landing_page_url":"https://doi.org/10.1108/14635781311322210","pdf_url":null,"source":{"id":"https://openalex.org/S136999626","display_name":"Journal of Property Investment and Finance","issn_l":"1463-578X","issn":["1463-578X","1470-2002"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Property Investment & Finance","raw_type":"journal-article"},{"id":"pmh:oai:scholarbank.nus.edu.sg:10635/113946","doi":null,"is_oa":false,"landing_page_url":"http://scholarbank.nus.edu.sg/handle/10635/113946","pdf_url":null,"source":{"id":"https://openalex.org/S7407052290","display_name":"National University of Singapore","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Scopus","raw_type":"Article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":23,"referenced_works":["https://openalex.org/W1495589642","https://openalex.org/W1498464051","https://openalex.org/W1500657154","https://openalex.org/W1541163771","https://openalex.org/W1693113577","https://openalex.org/W1802295162","https://openalex.org/W1882083088","https://openalex.org/W1966886194","https://openalex.org/W1977480757","https://openalex.org/W1984083540","https://openalex.org/W1998968611","https://openalex.org/W2019310035","https://openalex.org/W2048284609","https://openalex.org/W2064638174","https://openalex.org/W2086350462","https://openalex.org/W2097580026","https://openalex.org/W2117922789","https://openalex.org/W2134752891","https://openalex.org/W2139224138","https://openalex.org/W2160448197","https://openalex.org/W2174230791","https://openalex.org/W2489540272","https://openalex.org/W2992579138"],"related_works":["https://openalex.org/W1993707970","https://openalex.org/W2031803354","https://openalex.org/W1590656672","https://openalex.org/W2048105122","https://openalex.org/W2016237996","https://openalex.org/W3016946755","https://openalex.org/W2070121691","https://openalex.org/W2911547832","https://openalex.org/W1954072872","https://openalex.org/W141537455"],"abstract_inverted_index":{"Purpose":[0],"The":[1,31,42,206],"goal":[2],"of":[3,82,116,135,143,174,197,215,223,232],"this":[4],"research":[5],"is":[6,35,47,210,219],"to":[7,37,50,89],"investigate":[8],"the":[9,15,39,52,70,80,83,98,109,114,120,131,136,139,190,195,213,230],"time\u2010varying":[10,40],"relationship":[11],"between":[12,55],"REITs":[13,164,233],"and":[14,28,57,61,87,113,141,177,200,234],"stock":[16,106,235],"markets":[17,21,75,100,107,176,236],"in":[18,73,133,153,172,202,237],"four":[19],"Asian":[20],"such":[22],"as":[23,93,167,169],"Taiwan,":[24],"Hong":[25],"Kong,":[26],"Singapore":[27],"Japan.":[29],"Design/methodology/approach":[30],"Multivariate":[32],"GARCH\u2010vech":[33],"model":[34],"used":[36],"capture":[38],"correlation.":[41],"extreme":[43,53,145],"value":[44],"theory":[45],"(EVT)":[46],"then":[48],"employed":[49],"describe":[51],"connection":[54,231],"REIT":[56,99],"market":[58,155,198,217,239],"returns":[59],"before":[60,130],"after":[62,119],"financial":[63,185,216],"crises.":[64],"Findings":[65],"Empirical":[66],"results":[67],"show":[68],"that":[69,163],"conditional":[71],"risks":[72],"both":[74],"have":[76,101],"increased":[77],"abruptly":[78],"since":[79,108],"start":[81],"sub\u2010prime":[84,110],"mortgage":[85],"crisis":[86,111,121,132],"soared":[88],"a":[90,181],"higher":[91],"level":[92],"Lehman":[94],"Brothers":[95],"collapsed.":[96],"Besides,":[97],"been":[102],"positively":[103],"correlated":[104],"with":[105],"unfolded":[112],"increases":[115],"correlation":[117],"coefficients":[118],"are":[122,148,165,171],"more":[123],"than":[124,128,150],"two":[125],"times":[126,173],"larger":[127],"those":[129,151,222],"most":[134],"countries.":[137],"Lastly,":[138],"size":[140],"probability":[142],"having":[144],"positive":[146],"coefficient":[147],"greater":[149],"expected":[152],"normal":[154,238],"conditions.":[156,240],"Practical":[157],"implications":[158],"Thus,":[159],"empirical":[160],"evidence":[161],"suggests":[162],"not":[166,179],"defensive":[168],"they":[170],"stable":[175],"may":[178],"be":[180],"good":[182],"shelter":[183],"during":[184],"chaos.":[186],"Originality/value":[187],"To":[188],"investors,":[189],"authors'":[191,207],"findings":[192],"can":[193],"fortify":[194],"understanding":[196],"connections":[199],"assist":[201],"forming":[203],"their":[204],"portfolios.":[205],"conclusion,":[208],"which":[209,226],"drawn":[211],"given":[212],"background":[214],"turbulence,":[218],"different":[220],"from":[221],"other":[224],"works,":[225],"mainly":[227],"focus":[228],"on":[229]},"counts_by_year":[{"year":2025,"cited_by_count":2},{"year":2021,"cited_by_count":3},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2016-06-24T00:00:00"}