@article{ART001353353},
author={김은주 and Koh Sung Soo},
title={Real Estate Fund Return Behavior in Changing Markets},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2009},
volume={19},
number={1},
pages={51-73}
TY - JOUR
AU - 김은주
AU - Koh Sung Soo
TI - Real Estate Fund Return Behavior in Changing Markets
JO - Korea Real Estate Review
PY - 2009
VL - 19
IS - 1
PB - korea real estate research institute
SP - 51
EP - 73
SN - 2092-5395
AB - The Purpose of this study is to examine the real estate fund return behavior in changing markets. This study examines PF type and Buy-lease type real estate funds by comparing and analyzing their return behavior over the period January 2005-May 2009. This study also investigates the behavior of real estate funds returns in advancing and declining stock markets and in advancing and declining real estate markets separately. The results indicate that PF type and Buy-lease real estate funds returns have different behavior in changing markets due to the nature of their underlying assets.
First, Buy-lease type real estate funds are superior to PF type real estate funds in reducing portfolio risk in declining stock markets than in advancing stock markets.
Second, PF type real estate funds have higher diversification effect when the real estate market is declining than when it is advancing.
As a result, real estate funds can be useful in reducing portfolio risk. It is noticeable that this study gives some useful implication to analyze the real estate funds return behavior in changing market through using real data for the first time in Korea.
KW - real estate fund;portfolio diversification
DO -
UR -
ER -
김은주 and Koh Sung Soo. (2009). Real Estate Fund Return Behavior in Changing Markets. Korea Real Estate Review, 19(1), 51-73.
김은주 and Koh Sung Soo. 2009, "Real Estate Fund Return Behavior in Changing Markets", Korea Real Estate Review, vol.19, no.1 pp.51-73.
김은주, Koh Sung Soo "Real Estate Fund Return Behavior in Changing Markets" Korea Real Estate Review 19.1 pp.51-73 (2009) : 51.
김은주, Koh Sung Soo. Real Estate Fund Return Behavior in Changing Markets. 2009; 19(1), 51-73.
김은주 and Koh Sung Soo. "Real Estate Fund Return Behavior in Changing Markets" Korea Real Estate Review 19, no.1 (2009) : 51-73.
김은주; Koh Sung Soo. Real Estate Fund Return Behavior in Changing Markets. Korea Real Estate Review, 19(1), 51-73.
김은주; Koh Sung Soo. Real Estate Fund Return Behavior in Changing Markets. Korea Real Estate Review. 2009; 19(1) 51-73.
김은주, Koh Sung Soo. Real Estate Fund Return Behavior in Changing Markets. 2009; 19(1), 51-73.
김은주 and Koh Sung Soo. "Real Estate Fund Return Behavior in Changing Markets" Korea Real Estate Review 19, no.1 (2009) : 51-73.
