ABSTRACT We investigates the sentiment-driven trading behaviour of the four types of investors in the London office market, i.e. UK institutional investors, UK private investors, UK listed real estate companies/Real Estate Investment Trust (REIT)s and overseas investors. In addition, we examine the relationship between investor sentiment and property performance. Related indices are calculated to examine the existence of herding behaviour of different investors. We find that UK private investors follow a contrarian strategy to UK institutional investors and listed real estate companies/REITs and enter/exit the market at different points of time. UK institutional investors tend to follow the sentiment of UK listed real estate companies/REITs and overseas investors with lags. There is no evidence that overseas investors rely upon the sentiment of UK specialised property investors in their decision-making. We find the sentiment of different investors is influenced differently by market fundamentals. Yield and rental growth rate have significant impact on trading activity of overseas investors, but not on other investors. The stock market return and securitised real estate return have significant impact on the trading activity of UK institutional investor and overseas investor, but have no significant influence on the trading behaviour of UK private investor and listed real estate company/REIT.

中文翻译：

---

探索伦敦办公市场中不同类型投资者的情绪驱动交易行为

摘要我们调查了伦敦办公市场上四种类型的投资者的情绪驱动交易行为，即英国机构投资者，英国私人投资者，英国上市房地产公司/房地产投资信托（REIT）和海外投资者。此外，我们研究了投资者情绪与房地产表现之间的关系。计算相关指数以检验不同投资者的羊群行为。我们发现，英国私人投资者对英国机构投资者和上市房地产公司/房地产投资信托基金采取逆势策略，并在不同时间进入/退出市场。英国的机构投资者倾向于跟随英国上市的房地产公司/ REIT和海外投资者的情绪滞后。没有证据表明海外投资者在决策中依赖英国专业房地产投资者的情绪。我们发现不同投资者的情绪受到市场基本面的不同影响。收益率和租金增长率对海外投资者的交易活动有重大影响，但对其他投资者却没有影响。股市收益和证券化房地产收益对英国机构投资者和海外投资者的交易活动有重大影响，但对英国私人投资者和上市房地产公司/房地产投资信托的交易行为没有重大影响。收益率和租金增长率对海外投资者的交易活动有重大影响，而对其他投资者则没有影响。股市收益和证券化房地产收益对英国机构投资者和海外投资者的交易活动有重大影响，但对英国私人投资者和上市房地产公司/房地产投资信托的交易行为没有重大影响。收益率和租金增长率对海外投资者的交易活动有重大影响，而对其他投资者则没有影响。股市收益和证券化房地产收益对英国机构投资者和海外投资者的交易活动有重大影响，但对英国私人投资者和上市房地产公司/房地产投资信托的交易行为没有重大影响。