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Title: The significance and performance of property securities markets in the Asian IFCs
Authors: Newell, G.
Wing, C.K.
Kei, W.S.
Hiang, L.K. 
Keywords: Asia
Performance analysis
Portfolio diversification
Property securities
Issue Date: 2009
Citation: Newell, G., Wing, C.K., Kei, W.S., Hiang, L.K. (2009). The significance and performance of property securities markets in the Asian IFCs. Journal of Property Research 26 (2) : 125-148. ScholarBank@NUS Repository.
Abstract: This paper assesses the significance, risk-adjusted performance and portfolio diversification benefits of the listed property securities markets in the Asian international financial centres (IFCs) of Tokyo, Singapore and Hong Kong over January 1998 - March 2008, contrasting this performance to six major non-IFC markets in Asia. Significant risk-adjusted returns are evident for these Asian IFCs, with this having been enhanced in recent years. Portfolio diversification benefits are also evident for these Asian IFCs; however, superior portfolio diversification benefits are provided by the Asian non-IFC markets in a pan-Asia property portfolio context for global investors. These results highlight the need for global investors in the Asian markets to include both the major IFC markets and the non-IFC markets to achieve effective portfolio diversification benefits in their pan-Asia property portfolios. © 2009 Taylor & Francis.
Source Title: Journal of Property Research
ISSN: 09599916
DOI: 10.1080/09599910903441721
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