Benefits of Real Estate Investment
| Autor: | Thomas Kunkel, Bhaswar Gupta, Georgi P. Georgiev |
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| Rok vydání: | 2003 |
| Předmět: | |
| Zdroj: | The Journal of Portfolio Management. 29:28-33 |
| ISSN: | 2168-8656 0095-4918 |
| DOI: | 10.3905/jpm.2003.319903 |
| Popis: | Real estate investment represents a significant part of many institutional portfolios. Since real estate is not directly traded on a centralized exchange, the physical real estate market is characterized by relative lack of liquidity, large lot size, and high transactions costs with properties that are fixed at a location and heterogeneous. The low transparency of the real estate marketplace also results in potential asymmetric information. This provides a source of relatively high risk-adjusted returns to those individuals who can obtain costless “;quality” information. Furthermore, the lack of frequent transaction data for the analysis of return distributions often necessitates the use of appraisal-based series. In this article, the authors examine the benefits of real estate investments as part of an investor9s overall asset portfolio. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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