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Abstract We study the relationship between the excess returns of REITs and volatilities of macroeconomic factors in developing markets (Bulgaria and South Africa) and a ‘benchmark’ developed market (USA). As expected, our results generally indicate that conditional volatilities of macroeconomic risks, extracted through the GARCH (1,1) process, are time-varying. GARCH coefficients are largely significant for excess returns and retained principal components implying conditional time-varying volatility. We use the GMM to examine the linkage between volatilities of macroeconomic variables and REITs returns. The general result here is that macroeconomic risk cannot explain excess returns on REITs. However, we document a positive relationship between variability in REITs returns and the real economy for the US. US REITs portfolio managers and investors should be wary of fluctuations in these variables as they may accentuate volatility in REITs returns. [ABSTRACT FROM AUTHOR]

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We propose a methodology for the assessment of potential demand and optimal supply for microcredit. We show that the total demand is a combination of the demand that stems from the active poor plus the demand generated by a motivator agent among the entrepreneurial non-motivated poor. We use French data to provide an illustration of the assessment of potential demand for microcredit. We also show that the proportion of the potential demand satisfied by a microfinance institution depends on its objective i.e. either it is socially oriented or a profit maximizer. [ABSTRACT FROM AUTHOR]