Abstract

The votes for Brexit and the US President that occurred in June and November of 2016 took some investors by surprise. Markets reacted around the world with some countries, currencies and industries being affected more than others. This note finds US REITs significantly outperformed the S&P 500 market index on the day of both elections. However, during the event windows starting 5 days before each vote until 5 days after, results are significant but mixed. These results may indicate REIT investment returns are uncorrelated with market index returns influenced by certain national events.

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