Examples of MREIT in a sentence
The effect of the Proposed Mandate Expansion is not new to the M-REIT industry.
We conjecture that M-REIT returns are significantly and positively correlated with changes in the domestic stock market and in particular, the property sector index (Hypothesis 3).
The first is to illustrate that market participants expected MREITs to be materially affected by the Federal Reserve’s QE and that MREIT equity prices reacted accordingly.
The variables which display reasonably strong correlations with M-REIT indices are selected for use in the regression analysis.
To construct this portfolio, the M-REIT pledges the agency RMBS it wants to buy as collateral in a repo transaction and receives the cash from the government trading desk of a dealer to pay for this investment.
However, for the whole sample period, Hypothesis 8, on the significance of regional REIT returns in driving M-REIT returns, is rejected.Next, we move on to compare and contrast the results between conventional and Islamic M-REITs. Expectedly, Panel B which reports the results on conventional M-REITs show largely similar results as Panel A due to the large constituents of conventional M-REITs in the local REIT market (i.e. 14 out of 17).
In turn, to fund its cash (or reverse repo) loan to the M-REIT, the dealer repledges the agency RMBS to a cash PM for a cash loan also in the form of repo, completing a matched book transaction.
Figure 6 depicts the performances of the M-REIT and the five major REIT markets from 2 August 2005 to 31 December 2013.Figure 6 M-REIT Index and Major REIT Indices: 2 August 2005 to 31 December 2013 600 500 400MREIT(ALL) HKREIT AREITSREIT JREIT USREIT300 200 100 0Note: The chart shows the movement of the constructed M-REIT Index viz-a-viz the indices of major REIT markets, such as Singapore (S-REIT), Hong Kong (HK- REIT), Japan (J-REIT), Australia (A-REIT) and the United States of America (US-REIT).
The general pattern is a mirror image between the two indices, especially in the post-GFC subperiod of 2010-2013.In the regional context, the M-REIT market is the fourth largest in Asia after Japan, Singapore and Hong Kong (Ooi and Wong, 2013).
Strangely, there has been no study, to the best of our knowledge, which investigates whether M-REIT returns are associated with these leading global REIT markets (J-REIT, S-REIT, HK-REIT, A-REIT and US-REIT).