Please use this identifier to cite or link to this item: https://doi.org/10.1007/s11146-008-9147-x
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dc.titleIndustrial real estate investment: Does the contrarian strategy work?
dc.contributor.authorAddae-Dapaah, K.
dc.contributor.authorWebb, J.R.
dc.contributor.authorHo, K.H.D.
dc.contributor.authorTan, Y.F.
dc.date.accessioned2013-10-14T05:09:31Z
dc.date.available2013-10-14T05:09:31Z
dc.date.issued2010
dc.identifier.citationAddae-Dapaah, K., Webb, J.R., Ho, K.H.D., Tan, Y.F. (2010). Industrial real estate investment: Does the contrarian strategy work?. Journal of Real Estate Finance and Economics 41 (2) : 193-227. ScholarBank@NUS Repository. https://doi.org/10.1007/s11146-008-9147-x
dc.identifier.issn08955638
dc.identifier.urihttp://scholarbank.nus.edu.sg/handle/10635/46164
dc.description.abstractThe superiority of the contrarian investment strategy, though well attested to in the finance literature, has received scant attention, if any, in the real estate literature. This study uses empirical industrial real estate investment return data from 1985Q1 to 2005Q3 for the US, and some Asia Pacific cities in order to ascertain the relative superiority of "value" and "growth" industrial real estate investments. The results show that "value" industrial property investment outperformed "growth" industrial property investment in all the holding periods under consideration. Furthermore the industrial property investments exhibit return reversal. This implies that the superiority of the contrarian strategy is sustainable. The results of stochastic dominance tests validate the relative superiority of "value" over "growth" industrial property investment. This implies that fund managers who traditionally have been favoring prime (i.e. growth) industrial property investment may have to reconsider their investment strategy if they want to maximize their return. © 2008 Springer Science+Business Media, LLC.
dc.description.urihttp://libproxy1.nus.edu.sg/login?url=http://dx.doi.org/10.1007/s11146-008-9147-x
dc.sourceScopus
dc.subjectContrarian investment strategy
dc.subjectGrowth properties
dc.subjectMeans reversion
dc.subjectStochastic dominance
dc.subjectValue properties
dc.subjectValue-growth spread
dc.typeArticle
dc.contributor.departmentREAL ESTATE
dc.description.doi10.1007/s11146-008-9147-x
dc.description.sourcetitleJournal of Real Estate Finance and Economics
dc.description.volume41
dc.description.issue2
dc.description.page193-227
dc.identifier.isiut000280074400005
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