Please use this identifier to cite or link to this item: https://doi.org/10.1080/09599910701440156
Title: Contrarian real estate investment in some Asia pacific cities
Authors: Addae-Dapaah, K. 
Hin, K.
Ho, D. 
Chua, Y.H.
Keywords: Contrarian investment strategy
Growth properties
Stochastic dominance
Value properties
Value-growth spread
Issue Date: 2007
Source: Addae-Dapaah, K.,Hin, K.,Ho, D.,Chua, Y.H. (2007). Contrarian real estate investment in some Asia pacific cities. Journal of Property Research 24 (2) : 159-190. ScholarBank@NUS Repository. https://doi.org/10.1080/09599910701440156
Abstract: The profitability of contrarian investment strategy (i.e. investing in value stocks) is one of the most well-established empirical facts in the finance literature. It would appear, however, that the strategy has not been extended to real estate. Thus, the paper examines the contrarian investment strategy in relation to real estate so as to ascertain the comparative advantage(s) (in terms of performance) of 'value' and 'growth' property investments. It is found, after a case study of 11 cities in the Asia-Pacific over the period 1994Q2 through 2004Q2, that contrarian real estate investment consistently outperformed growth property investment. The results of stochastic dominance test validate the relative superiority of 'value' over 'growth' property investment. This implies that fund managers who traditionally have been favouring prime (i.e. growth) property investment may have to reconsider their investment strategy if they want to maximize their return.
Source Title: Journal of Property Research
URI: http://scholarbank.nus.edu.sg/handle/10635/46106
ISSN: 09599916
DOI: 10.1080/09599910701440156
Appears in Collections:Staff Publications

Show full item record
Files in This Item:
There are no files associated with this item.

Page view(s)

121
checked on Jan 21, 2018

Google ScholarTM

Check

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.