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@article{ART002001435},
author={강원철 and Koh Sung Soo},
title={An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2015},
volume={25},
number={2},
pages={21-34}

TY - JOUR
AU - 강원철
AU - Koh Sung Soo
TI - An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies
JO - Korea Real Estate Review
PY - 2015
VL - 25
IS - 2
PB - korea real estate research institute
SP - 21
EP - 34
SN - 2092-5395
AB - This research analyzed the portfolio effect of corporate real estate based on 488 KSE-Listed manufacturing companies for the period from 1995 to 2011 with the purpose of expanding domestic research related to corporate real estate while also providing methodological tools related to efficient asset management for corporate real estate asset managers. This research directly extracted the beta and alpha for each company, which are representative of systematic risk and excessive performance, respectively. The relationship between the corporate real estate holding ratio and the extracted beta (alpha), set as dependent variables, was then investigated. The main research result can be summarized as follows. First, corporate real estate holding ratio identified a significant 1% negative (-) effect in beta, which represents systematic risk, whereas a 10% positive (+) influence was identified in alpha, which represents excessive return, when the portfolio effect of corporate real estate was verified. This means that corporate real estate has a positive influence on corporate value, indicating the necessity for active asset management of corporate real estate. Second, possession real estate holding ratio had a significant 1% negative (-) effect on beta and a significant 10% positive (+) effect on alpha. In contrast, investment real estate holding ratio had a negative (-) effect on beta and a positive (+) effect on alpha, but neither was significant. This means that possession real estate has a portfolio effect, while investment real estate does not.
KW - Corporate Real Estate;Corporate Value;Corporate Possession Real Estate;Corporate Investment Real Estate;Beta;Alpha
DO -
UR -
ER -

강원철 and Koh Sung Soo. (2015). An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies. Korea Real Estate Review, 25(2), 21-34.

강원철 and Koh Sung Soo. 2015, "An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies", Korea Real Estate Review, vol.25, no.2 pp.21-34.

강원철, Koh Sung Soo "An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies" Korea Real Estate Review 25.2 pp.21-34 (2015) : 21.

강원철, Koh Sung Soo. An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies. 2015; 25(2), 21-34.

강원철 and Koh Sung Soo. "An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies" Korea Real Estate Review 25, no.2 (2015) : 21-34.

강원철; Koh Sung Soo. An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies. Korea Real Estate Review, 25(2), 21-34.

강원철; Koh Sung Soo. An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies. Korea Real Estate Review. 2015; 25(2) 21-34.

강원철, Koh Sung Soo. An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies. 2015; 25(2), 21-34.

강원철 and Koh Sung Soo. "An Empirical Study on the Portfolio effect of Corporate Real Estate : Focused on the KSE-Listed Companies" Korea Real Estate Review 25, no.2 (2015) : 21-34.