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The superiority of the contrarian investment strategy, though well attested to in the finance literature, has received scant attention, if any, in the real estate literature. This study uses empirical industrial real estate investment return data from 1985Q1 to 2005Q3 for the US, and some Asia Pacific cities in order to ascertain the relative superiority of “value” and “growth” industrial real estate investments. The results show that “value” industrial property investment outperformed “growth” industrial property investment in all the holding periods under consideration. Furthermore the industrial property investments exhibit return reversal. This implies that the superiority of the contrarian strategy is sustainable. The results of stochastic dominance tests validate the relative superiority of “value” over “growth” industrial property investment. This implies that fund managers who traditionally have been favoring prime (i.e. growth) industrial property investment may have to reconsider their investment strategy if they want to maximize their return.

Pertenece a

UCL University College London Eprints  


Addae -  Dapaah, K - 

Id.: 69871581

Idioma: eng  - 

Versión: 1.0

Estado: Final

Tipo:  text - 

Palabras claveContrarian investment strategy, Value–growth spread, Value properties, Growth properties, Stochastic dominance, Means reversion - 

Tipo de recurso: Article  - 

Tipo de Interactividad: Expositivo

Nivel de Interactividad: muy bajo

Audiencia: Estudiante  -  Profesor  -  Autor  - 

Estructura: Atomic

Coste: no

Copyright: sí

: open

Formatos:  text - 

Requerimientos técnicos:  Browser: Any - 

Relación: [IsBasedOn] Journal of Real Estate Finance and Economics , 41 (2) pp. 193-227. (2010)

Fecha de contribución: 26-may-2017



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