By Jianping Mei, Prof. Hsien-Hsing Liao, Hsien-Hsing Liao
Genuine property finance is a fast-developing sector the place most sensible caliber examine is in nice call for. within the US, the genuine property industry is worthy approximately US$4 trillion, and the REITs industry approximately US$200 billion; tens of millions of actual property execs are operating in this sector. The marketplace in a foreign country should be significantly higher, in particular in Asia.
Given the speedily growing to be actual property securities undefined, this ebook fills a tremendous hole in present genuine property study and instructing. it really is an excellent reference for funding execs as good as senior MBA and PhD scholars.
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Actual property finance is a fast-developing region the place most sensible caliber learn is in nice call for. within the US, the true property industry is worthy approximately US$4 trillion, and the REITs marketplace approximately US$200 billion; tens of hundreds of thousands of actual property pros are operating in this sector. The industry in another country should be significantly greater, specially in Asia.
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References Campbell, J. , 1987, Stock Returns and the Term Structure, Journal of Financial Economics 18, 373-399. Campbell, J. , 1990, Intertemporal Asset Pricing Without Consumption, Working Paper, Princeton University. Campbell, J. Y. and Y. Hamao, 1991, Predictable Stock Returns in the United States and Japan: A Study of Long-Term Capital Market Integration, Working Paper, Princeton University. Chan, K. C , P. Hendershott and A. Sanders, 1990, Risk and Return on Real Estate: Evidence from Equity REITs, AREUEA Journal 18, 431-452.
Rogers, 1991, Market Trading Characteristics of REITs: Tests of the Stock Market and Hybrid Securities Hypotheses, Working Paper, Cornell University. Fama, E. and K. French, 1988, Dividend Yields and Expected Stock Returns, Journal of Financial Economics 22, 3-25. Fama, E. and K. French, 1989, Business Conditions and Expected Return on Stocks and Bonds, Journal of Financial Economics 25, 23-49. Fama, E. and G. W. Schwert, 1977, Asset Returns and Inflation, Journal of Financial Economics 5, 115-146.
In addition to this, the mean risk adjusted excess returns on a value-weighted portfolio consisting of various categories of exchange-traded real estate firms appear to outperform large cap stocks, small cap stocks, bonds, and the S&P500 benchmark portfolio as well as the passive buy-and-hold real estate portfolio over the entire out-of-sample period when an active market timing strategy is used. 2% excess return per month on an average realized using a long and short trading scheme. 78% per month) in contrast to mortgage REITs which have the poorest performance of all the real estate categories.
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