28 May, 2025 (Wednesday), 15:00 – 16:00 JST
Mirai Crea 2F Large Conference Room (in-person only)
About the Lecture
We investigate the effect of geopolitical risk (GPR) on real estate stock crashes while accounting for the impact of cash holdings and financial constraints in this relationship. Using a dataset from 28 countries covering the period of 2000 to 2023 from 1,805 firms, we document that geopolitical risk increases real estate stock price crash risk. Our result remains consistent using an alternate proxy of geopolitical risk and even after considering endogeneity concerns using 2SLS and EB-matched samples. Our result shows that the negative impact of GPR is stronger for firms with high cash holdings and high financial constraints.
About the Speaker
Prof. Kola Akinsomi is an Associate Professor at the University of the Witwatersrand, South Africa. He holds a Ph.D. in Real Estate Finance from the National University of Singapore, is a qualified Chartered Surveyor (MRICS), and is the Chief Economist of RealQuant Analytics Inc. He is the President of the International Real Estate Society. He received the Established Researcher C2 Rating Award from the National Research Foundation (NRF) of South Africa in 2022. He was awarded the Emerald Literati Award for Research Excellence in 2019. Kola is the Immediate Past President of the African Real Estate Society. In addition, Kola is an advisory member of the South African Council for Property Valuers Profession (SACPVP), a member of the SA REITs Research Committee, and a co-liaison officer of the James Webb Foundation of the American Real Estate Society. Kola is an Editorial Board member of the Journal of Real Estate Research (American Real Estate Society’s Flagship Journal), Journal of Property Investment and Finance, Journal of Sustainable Real Estate, and other real estate journals. Kola has held visiting research positions at the National University of Singapore, the University of Tokyo, Japan, the University of Western Sydney, Australia, and Malmo University, Sweden. He has been invited as a guest lecturer at Havard University, Virginia Tech University, Arizona State University, Widener University, The College of William and Mary, and Clemson University in the United States, The University of Sheffield and Oxford Brookes University in England, The University of Cape Town in South Africa, Malmo University in Sweden, University of Sao Paulo, Brazil and the University of Kuwait. He is a renowned Global Speaker on Real Estate Finance and Investments. Kola’s research has been referenced in mainstream media by Investors’ Chronicle, a magazine published by the Financial Times Group.
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