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PurposeThe goal of this research is to investigate the time‐varying relationship between REITs and the stock markets in four Asian markets such as Taiwan, Hong Kong, Singapore and Japan.Design/methodology/approachThe Multivariate GARCH‐vech model is used to capture the time‐varying correlation. The extreme value theory (EVT) is then employed to describe the extreme connection between REIT and market returns before and after financial crises.FindingsEmpirical results show that the conditional risks in both markets have increased abruptly since the start of the sub‐prime mortgage crisis and soared to a higher level as Lehman Brothers collapsed. Besides, the REIT markets have been positively correlated with stock markets since the sub‐prime crisis unfolded and the increases of correlation coefficients after the crisis are more than two times larger than those before the crisis in most of the countries. Lastly, the size and probability of having extreme positive coefficient are greater than those expected in normal market conditions.Practical implicationsThus, empirical evidence suggests that REITs are not as defensive as they are in times of stable markets and may not be a good shelter during financial chaos.Originality/valueTo investors, the authors' findings can fortify the understanding of market connections and assist in forming their portfolios. The authors' conclusion, which is drawn given the background of financial market turbulence, is different from those of other works, which mainly focus on the connection of REITs and stock markets in normal market conditions.

Condominium residents are reluctant to join the management committees (MCs) and contribute to the management of local public goods because of free-riding problems. In studying a sample of condominiums in Taipei, it is found that some degree of outsourcing to third party managers (TPMs) is necessary when the scale of local public goods increases. However, higher management fees paid to TPMs are not directly related to higher utilities derived by the residents in the use of local public goods. When self-selectivity in the outsourcing decision is controlled, the results show that the efficiency in the provision of local public goods increases with the effort levels of the MC members. The MC members who adopt a hands-off approach by fully delegating the management responsibilities to TPMs deliver lower pay-offs in the provision of public goods.

We study the participation of women in golf, a predominately male social activity, and its influence on their likelihood of serving on a board of directors. Exploiting a novel dataset of all golfers in Singapore, we find that woman golfers enjoy a 54% higher likelihood of serving on a board relative to male golfers. A woman's probability of serving on the board in a large firm or in a predominately male industry increases by 117% to 125% when she plays golf. Joining the boy's informal network appears to facilitate women's entrance or success in the executive labor market.

This study empirically tests the contagion effects in stock and real estate investment trust (REIT) markets during the subprime mortgage crisis by using daily stock- and REIT-markets data from the following countries and international bodies: the United States, the European Union, Japan, Hong Kong, Singapore, Australia, and the global REIT market. We found a significant and positive dynamic conditional correlation (DCC) coefficient between stock returns and REIT returns. The results revealed that the REIT markets responded early to market shocks and that the variances were higher in the post-crisis period than in the pre-crisis period. Evidence supporting the contagion effects includes increases in the means of the DCC coefficients during the post-crisis period. The Japanese and Australian REIT markets possess the lowest time-varying downside systematic risks. We also demonstrated that the "DCC E-beta" captures more significant downside linkages between market portfolios and expected REIT returns than does the standard CAPM beta.