@article{ART003152675},
author={HAN GWANG HO},
title={Stock Price Crash Risk in Korea-listed Real Estate Investment Trusts : A Cross-Industry Comparative Analysis},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2024},
volume={34},
number={4},
pages={43-61}
TY - JOUR
AU - HAN GWANG HO
TI - Stock Price Crash Risk in Korea-listed Real Estate Investment Trusts : A Cross-Industry Comparative Analysis
JO - Korea Real Estate Review
PY - 2024
VL - 34
IS - 4
PB - korea real estate research institute
SP - 43
EP - 61
SN - 2092-5395
AB - For general investors, the rapid growth of Korean listed Real Estate Investment Trusts (REITs) has expanded investment opportunities in high-quality real estate assets. However, because of the information asymmetry inherent in real estate and the characteristics of sponsor structures, REITs are susceptible to agency problems, which can lead to stock price crash risk. This study measures the stock price crash risk of Korean listed REITs and empirically analyzes their relative risk level by comparing them with other industries. Korean listed REITs are found to exhibit a higher stock price crash risk than other industries, which is inferred to be related to agency problems. However, during the market expansion period after 2020, the risk gap tends to decrease, suggesting that the emergence of large-scale sponsor REITs and market maturation contribute to crash risk mitigation. Based on these findings, policy recommendations are proposed, such as strengthening internal controls and enhancing managerial transparency, to ensure the REIT industry’s sustainable development.
KW - Korea-listed Real Estate Investment Trusts (REITs);Stock Price Crash Risk;Agency Problem
DO -
UR -
ER -
HAN GWANG HO. (2024). Stock Price Crash Risk in Korea-listed Real Estate Investment Trusts : A Cross-Industry Comparative Analysis. Korea Real Estate Review, 34(4), 43-61.
HAN GWANG HO. 2024, "Stock Price Crash Risk in Korea-listed Real Estate Investment Trusts : A Cross-Industry Comparative Analysis", Korea Real Estate Review, vol.34, no.4 pp.43-61.
HAN GWANG HO "Stock Price Crash Risk in Korea-listed Real Estate Investment Trusts : A Cross-Industry Comparative Analysis" Korea Real Estate Review 34.4 pp.43-61 (2024) : 43.
HAN GWANG HO. Stock Price Crash Risk in Korea-listed Real Estate Investment Trusts : A Cross-Industry Comparative Analysis. 2024; 34(4), 43-61.
HAN GWANG HO. "Stock Price Crash Risk in Korea-listed Real Estate Investment Trusts : A Cross-Industry Comparative Analysis" Korea Real Estate Review 34, no.4 (2024) : 43-61.
HAN GWANG HO. Stock Price Crash Risk in Korea-listed Real Estate Investment Trusts : A Cross-Industry Comparative Analysis. Korea Real Estate Review, 34(4), 43-61.
HAN GWANG HO. Stock Price Crash Risk in Korea-listed Real Estate Investment Trusts : A Cross-Industry Comparative Analysis. Korea Real Estate Review. 2024; 34(4) 43-61.
HAN GWANG HO. Stock Price Crash Risk in Korea-listed Real Estate Investment Trusts : A Cross-Industry Comparative Analysis. 2024; 34(4), 43-61.
HAN GWANG HO. "Stock Price Crash Risk in Korea-listed Real Estate Investment Trusts : A Cross-Industry Comparative Analysis" Korea Real Estate Review 34, no.4 (2024) : 43-61.
