Pavlov, AndreySteiner, EvaWachter, Susan M2023-05-232017-02-162015-01-012016-06-14https://repository.upenn.edu/handle/20.500.14332/45647We examine the canonical influence of global market, currency and inflation risks on the returns from international real estate securities. In addition, we study how mispricing of credit in the local banking systems is related to the returns from these securities. We analyze a global sample of real estate securities over the period 1999 to 2011 to test our hypotheses. We find support for the anticipated relationships between macroeconomic risk factors and the returns from international real estate securities. Our evidence also supports the expected link between local credit market conditions and the performance of international real estate securities.This is the peer reviewed version of the following article: Pavlov, A., Steiner, E. and Wachter, S. (2015), Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities. Real Estate Economics, 43: 241–270., which has been published in final form at doi: 10.1111/1540-6229.12084. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving: http://olabout.wiley.com/WileyCDA/Section/id-820227.html#terms.real estate investment firmsinternational asset pricingmacroeconomic risk factorscredit marketsReal EstateTaxationArticle