1、字数：英文 2383 单词， 12511 字符；中文 3898 汉字 出处： Martins A M,Serra A P,Martins F V.Real estate market risk in bank stock returns: evidence for 15 European countriesJ.International Journal of Strategic Property Management, 2016, 20(2): 142-155. 外文文献： REAL ESTATE MARKET RISK IN BANK STOCK RETURNS: EVIDENCE FOR
2、15 EUROPEAN COUNTRIES Abstract In countries with highly-developed financial systems bank portfolios have high exposure, directly or indirectly, to the real estate sector. Changes in the value of real estate can have a potentially significant impact on the default risk of banks and on their profitabi
3、lity as a result of high exposure to the real estate sector. This is especially critical during real estate crises, when bank losses tend to increase dramatically, placing the entire financial system at risk of collapse, as it was the case of the recent international subprime crisis. This article st
4、udies the sensitivity of bank stock returns to real estate returns in 15 European countries. The results indicate that bank stocks are sensitive to real estate market conditions. There is a positive relation between bank stock returns and real estate returns after controlling for general market cond
5、itions and interest rates changes. KEYWORDS: Real estate; Mortgage lending; Banks; Asset pricing; Property prices 1.INTRODUCTION In countries with highly-developed financial systems bank portfolios have high exposure, directly or indirectly, to the real estate sector. He et al. (1996), Lausberg (200
6、4) and Lu and So (2005), indicate the existence of a high concentration of activity and assets in the real estate sector by banks in the USA, Germany, and in some Asian countries. This way, in spite of all bank loans being vulnerable to general market conditions, the default risk on loans is influenced by a specific additional factor: bank real estate loans are affected by movements in the real estate market which are only indirectly related to the general economic conditions. Taking
