Beracha, Eli and Lang, Marcel and Hausler, Jochen (2019) On the Relationship between Market Sentiment and Commercial Real Estate Performance-A Textual Analysis Examination. JOURNAL OF REAL ESTATE RESEARCH, 41 (4). pp. 605-637. ISSN 0896-5803,
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We examine whether and the extent to which news-based sentiment, captured by textual analysis, can predict the performance of the private commercial real estate market in the United States. Our results show that sentiment reflected in news abstracts of The Wall Street Journal predicts returns of commercial real estate up to four quarters in advance. These findings are statistically significant and persist even when controlling for other related factors. This suggests that news-based sentiment can serve as an early market indicator. We are the first to examine the bidirectional relationship between sentiment, measured by textual analysis, and the performance of the private U.S. commercial real estate market. The findings contribute to the academic literature, and carry practical implications for real estate professionals.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | INVESTOR SENTIMENT; INFORMATION-CONTENT; LOSS AVERSION; STOCK; MEDIA; FUNDAMENTALS; INDICATORS; DECISION; SEARCH; IMPACT; sentiment; textual analysis; news analytics; forecasting; commercial real estate |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Business, Economics and Information Systems > Institut für Immobilienenwirtschaft / IRE|BS > Professur für Immobilienentwicklung (Prof. Dr. Stephan Bone-Winkel) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 30 Mar 2020 09:39 |
| Last Modified: | 30 Mar 2020 09:39 |
| URI: | https://pred.uni-regensburg.de/id/eprint/26055 |
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