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dc.contributor.author | Salisu, Afees A.![]() |
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dc.contributor.author | Hammed, Yinka S.![]() |
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dc.contributor.author | Ouattara, Ibrahim Ngananga![]() |
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dc.date.accessioned | 2024-01-18T08:22:26Z | |
dc.date.available | 2024-01-18T08:22:26Z | |
dc.date.issued | 2023-10-06 | |
dc.description | DATA AVAILABILITY STATEMENT : Publicly available datasets were analyzed in this study. This data can be found here: https://fred.stlouisfed.org/. | en_US |
dc.description.abstract | Given the renewed interest in Real Estate Investment Trusts (REITs), we are keenly focused on exploring the possible connection between climate change and return volatility of US equity REITs, as well as the role of technology innovation for environmental sustainability in the nexus. While climate change might pose some threat to the REIT business, it is necessary to know the direction in which technological innovation can mitigate this impact. As a way to validate our evidence, we offer some additional analyses with alternative measures of technology shocks and the replacement of technology shocks with global economic expansion, as improvement in global economic activity could offer more investment options for investors to diversify their investment portfolio away from climate-prone assets. For completeness, the analyses are replicated for US mortgage REITs. Overall, we show that climate change heightens the return volatility of US equity REITs and that the former contains some predictive content for the latter. When the role of technology is examined, our results show that technology shock indeed reverses the cheering impact of temperature anomaly on the return volatility of US equity REITs. We show that these results are robust to alternative measures of economic shock and that the results equally hold for mortgage REITs. We further document some important implications of our findings for investors and policymakers alike. | en_US |
dc.description.department | Economics | en_US |
dc.description.librarian | am2024 | en_US |
dc.description.sdg | SDG-03:Good heatlh and well-being | en_US |
dc.description.uri | https://www.mdpi.com/journal/sustainability | en_US |
dc.identifier.citation | Salisu, A.A.; Hammed, Y.S.; Ouattara, I.N. Climate Change, Technology Shocks and the US Equity Real Estate Investment Trusts (REITs). Sustainability 2023, 15, 14536. https://DOI.org/10.3390/su151914536. | en_US |
dc.identifier.issn | 2071-1050 (online) | |
dc.identifier.other | 10.3390/ su151914536 | |
dc.identifier.uri | http://hdl.handle.net/2263/94012 | |
dc.language.iso | en | en_US |
dc.publisher | MDPI | en_US |
dc.rights | © 2023 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license. | en_US |
dc.subject | Climate change | en_US |
dc.subject | Equity REITs | en_US |
dc.subject | Mortgage REITs | en_US |
dc.subject | Technology shocks | en_US |
dc.subject | United States (US) | en_US |
dc.subject | Real estate investment trusts (REITs) | en_US |
dc.subject | SDG-08: Decent work and economic growth | en_US |
dc.title | Climate change, technology shocks and the US equity real estate investment trusts (REITs) | en_US |
dc.type | Article | en_US |