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@article{ART002879612},
author={Min, Seonghun},
title={Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2022},
volume={32},
number={3},
pages={39-51},
doi={10.35136/krer.32.3.3}

TY - JOUR
AU - Min, Seonghun
TI - Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors
JO - Korea Real Estate Review
PY - 2022
VL - 32
IS - 3
PB - korea real estate research institute
SP - 39
EP - 51
SN - 2092-5395
AB - The role of fund managers in the real estate market with asymmetric information is critical. They connect investors to assets and set the consensus on the risk-return profile of real estate investment. This study compares real estate fund managers’ perception and behavior toward risk factors in real estate investment to investigate their rationality. An AHP based on a survey measures perception, and a regression analysis on risk premiums calculated from target returns and risk free rates estimates behavior. The AHP results show that the investment position is perceived as the most important risk factor, followed by region, sector, timing, and lease condition in that order. Other factors, such as fund size, number of properties, property area, and investment vehicle type, are not perceived as important. The regression analysis yields somewhat similar results. The most important factor raising the risk premium is the investment position, followed by region, timing, property area, and the number of properties in that order. Other factors such as lease condition, investment vehicle type, fund size, and sector are insignificant. Comparing the two results, we can determine that the perception and behavior of fund managers are consistent. The consistency is more noticeable among key risk factors.
KW - Fund Manager;Real Estate Investment;Risk Factors;Perception;Behavior
DO - 10.35136/krer.32.3.3
ER -

Min, Seonghun. (2022). Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors. Korea Real Estate Review, 32(3), 39-51.

Min, Seonghun. 2022, "Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors", Korea Real Estate Review, vol.32, no.3 pp.39-51. Available from: doi:10.35136/krer.32.3.3

Min, Seonghun "Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors" Korea Real Estate Review 32.3 pp.39-51 (2022) : 39.

Min, Seonghun. Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors. 2022; 32(3), 39-51. Available from: doi:10.35136/krer.32.3.3

Min, Seonghun. "Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors" Korea Real Estate Review 32, no.3 (2022) : 39-51.doi: 10.35136/krer.32.3.3

Min, Seonghun. Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors. Korea Real Estate Review, 32(3), 39-51. doi: 10.35136/krer.32.3.3

Min, Seonghun. Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors. Korea Real Estate Review. 2022; 32(3) 39-51. doi: 10.35136/krer.32.3.3

Min, Seonghun. Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors. 2022; 32(3), 39-51. Available from: doi:10.35136/krer.32.3.3

Min, Seonghun. "Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors" Korea Real Estate Review 32, no.3 (2022) : 39-51.doi: 10.35136/krer.32.3.3