Resource List
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Journal of Real Estate Research. 1992.Previous work on real estate portfolio diversification by location began with geographic region diversification and moved to economically defined regions (a combination of economics and geography). This work taked the next step by removing the...
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The impact of inflation on the value of assets is considered on of the primary financial concerns of long-term investors. While actual and expected inflation have slowed considerably since the early 1980s, concern over future increases is still a...
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Journal of Real Estate Research. 1991.In this paper we develop a model that demonstrates the effect of transaction costs on measuring returns to real estate. Our model reveals that studies not adjusting for transaction costs will overstate risk-adjusted returns. Accordingly, at least...
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Some investors view equity real estate investment trusts (EREITs) as partial substitutes for conventional real estate investments, although the correlation between EREIT and real estate returns is insignificant. However, this study finds that the...
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Journal of Real Estate Research. 1990.This study reports on the ex-post performance of survivors REITs and RECs over a 14.5-year period covering several business cycles. The results show that the systematic risk and risk-adjusted returns of REITs and RECs are quite different, especially...