摘要：The aim of the paper is to study how trade freedom and financial freedom affect the excess return of real estate security, and we apply annual data for 1,108 publicly traded real estate companies of 24 countries from 2006 to 2013 to examine it. The main findings are as follows : First, for whole sample, the coefficients of the index of trade freedom, the index of financial freedom, are significantly negative, which means that higher freedom of trade and financial will increase efficiency of real estate market but the excess return of real estate will decrease. Second, comparing the effect of the indexes to affect excess return of real estate securities in three different regions, the indexes of financial freedom and Trade freedom are vital factors, but all of four indexes of freedom are important in Europe and other area. Third, the coefficients of indexes of monetary freedom and indexes of trade freedom are negative in both of high and non-high income groups. Finally, for the group of non-high income level, the coefficient of index of investment freedom is negative and the coefficient of index of financial freedom is positive, which are different with the results of the whole sample.
关键词：Real Estate;Trade Freedom;Financial Freedom;Generalized Method of Moment
