1、2700 英文单词， 16000英文字符，中文 4850 字 文献出处： Lieser K, Groh A P. The Determinants of International Commercial Real Estate InvestmentJ. Journal of Real Estate Finance & Economics, 2014, 48(4):611-659. The Determinants of International Commercial Real Estate Investment Karsten Lieser & Alexander Peter Groh Ab
2、stract We examine the determinants of international commercial real estate investment using a unique set of panel data series for 47 countries worldwide, covering the period from 2000 to 2009. We explore how different socio-economic, demographic and institutional characteristics affect commercial re
3、al estate investment activity by determining both cross-sectional and time-series estimators, running augmented random effect panel regressions. We provide evidence that economic growth, rapid urbanization and compelling demographics attract real estate investment, and also demonstrate that a lack o
4、f transparency in the legal framework, administrative burdens of doing real estate business, socio-cultural challenges and political instabilities reduce international real estate allocations. Keywords: Real Estate Investment; International Asset Allocation; Real Estate Market Attractiveness; Augmen
5、ted Random Effect Panel Regression Introduction According to Dunnings eclectic theory, any given international investor must possess specific monopolistic advantages over its competitors to successfully compete with local host market firms. Holsapple et al. (2006) adapt Dunnings theory of real estat
6、e investment. The authors argue that additional diversification advantages and return expectations also motivate investors to pursue investment activity in a foreign location. However, the sum of all these advantages must outweigh the implied transaction costs imposed by the liability of foreignness and foreign exchange. Before investors decide whether to internalize or externalize a target market opportunity by selecting the ideal type of market entry, they must first assess the host cou
