On the Dynamics of International Real-Estate-Investment Trust-Propagation Mechanisms: Evidence from Time-Varying Return and Volatility Connectedness Measures

In this paper, we investigate the time-varying interconnectedness of international Real Estate Investment Trusts (REITs) markets using daily REIT prices in twelve major REIT countries since the Global Financial Crisis. We construct dynamic total, net total and net pairwise return and volatility connectedness measures to better understand systemic risk and the transmission of shocks across REIT markets. Our findings show that that REIT market interdependence is dynamic and increases significantly during times of heightened uncertainty, including the COVID-19 pandemic. We also find that the US REIT market along with major European REITs are generally sources of shocks to Asian-Pacific REIT markets. Furthermore, US REITs appear to dominate European REITs. These findings highlight that portfolio diversification opportunities decline during times of market uncertainty.     

Irrotational dust with a purely magnetic Weyl tensor

Considering irrotational pressure free matter, conditions are obtained under which an orthonormal tetrad simultaneously diagonalizes the shear tensor and the electric part of the Weyl tensor. It is shown that such a frame also diagonalises the magnetic part of the Weyl tensor. Using this principal tetrad we show that there are no consistent solutions for irrotational dust with a purely magnetic Weyl tensor.