Table 4 Dynamic ordinary least squares...

Table 4

Dynamic ordinary least squares [DOLS] results

	Coefficient	t-Statistic
Australia REIT
Real GDP Growth Rate	0.39	3.42^***
Australia’s World Uncertainty Index	−0.24	−2.14^**
Constant	2.87	1.73
Adjusted R-Square	0.62
Singapore REIT
Real GDP Growth Rate	0.48	2.42^**
Singapore’s World Uncertainty Index	−0.12	−2.34^**
Constant	1.22	1.89^*
Adjusted R-Square	0.71
France REIT
Real GDP Growth Rate	0.33	1.42
France’s World Uncertainty Index	−0.24	−0.87
Constant	2.87	0.28
Adjusted R-Square	0.51
Germany REIT
Real GDP Growth Rate	0.27	0.82
Germany’s World Uncertainty Index	−0.35	−1.25
Constant	1.19	1.13
Adjusted R-Square	0.49
Italy REIT
Real GDP Growth Rate	0.19	1.42
Italy’s World Uncertainty Index	−0.17	−1.34
Constant	2.52	0.92
Adjusted R-Square	0.53
United Kingdom REIT
Real GDP Growth Rate	0.26	1.49
UK’s World Uncertainty Index	−0.28	−1.29
Constant	3.02	1.02
Adjusted R-Square	0.59
Canada REIT
Real GDP Growth Rate	0.69	3.42^***
Canada’s World Uncertainty Index	−0.47	−2.28^**
Constant	1.18	2.19^**
Adjusted R-Square	0.62
United States REIT
Real GDP Growth Rate	0.78	4.53^***
USA’s World Uncertainty Index	−0.22	−3.59^***
Constant	2.98	2.67^**
Adjusted R-Square	0.63

	Coefficient	t-Statistic
Australia REIT
Real GDP Growth Rate	0.39	3.42^***
Australia’s World Uncertainty Index	−0.24	−2.14^**
Constant	2.87	1.73
Adjusted R-Square	0.62
Singapore REIT
Real GDP Growth Rate	0.48	2.42^**
Singapore’s World Uncertainty Index	−0.12	−2.34^**
Constant	1.22	1.89^*
Adjusted R-Square	0.71
France REIT
Real GDP Growth Rate	0.33	1.42
France’s World Uncertainty Index	−0.24	−0.87
Constant	2.87	0.28
Adjusted R-Square	0.51
Germany REIT
Real GDP Growth Rate	0.27	0.82
Germany’s World Uncertainty Index	−0.35	−1.25
Constant	1.19	1.13
Adjusted R-Square	0.49
Italy REIT
Real GDP Growth Rate	0.19	1.42
Italy’s World Uncertainty Index	−0.17	−1.34
Constant	2.52	0.92
Adjusted R-Square	0.53
United Kingdom REIT
Real GDP Growth Rate	0.26	1.49
UK’s World Uncertainty Index	−0.28	−1.29
Constant	3.02	1.02
Adjusted R-Square	0.59
Canada REIT
Real GDP Growth Rate	0.69	3.42^***
Canada’s World Uncertainty Index	−0.47	−2.28^**
Constant	1.18	2.19^**
Adjusted R-Square	0.62
United States REIT
Real GDP Growth Rate	0.78	4.53^***
USA’s World Uncertainty Index	−0.22	−3.59^***
Constant	2.98	2.67^**
Adjusted R-Square	0.63

Note(s): The results of the DOLS model in Equation (11). ^***denotes the variable is statistically significant at the 1% level; ^**denotes the variable is statistically significant at the 5% level and ^*denotes the variable is statistically significant at the 1o% level

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