haku: @indexterm TEST STATISTICS / yhteensä: 9
viite: 4 / 9
| Tekijä: | Maurer, R. Stephan, T. G. |
| Otsikko: | Konstruktion einer Immobilen-Benchmark und deren Anwendung im Investment-Management |
| Lehti: | Zeitschrift für Betriebswirtschaft
1996 : VOL. 66:12, p. 1527-1546 |
| Asiasana: | PROPERTY RETURN ON INVESTMENT BENCHMARKING FUNDS TEST STATISTICS GERMANY |
| Kieli: | ger |
| Tiivistelmä: | This paper presents a methodology how real estate returns (stripped of liquidity returns) can be calculated for German real estate mutual funds using only published information. Following the concept of the "median manager" the authors construct a real estate return benchmark, which institutional investors can use for performance evaluation of their real estate portfolios with focus on commercial objects. Diverse statistical tests show that certain real estate funds diverge significantly from the benchmark. Futher interesting insights are gained concerning the role of real estate investments in the asset allocation context. The authors find negative correlations between real estate returns and stock and bond returns, which highlight the tremendous potential for diversification when real estate is included in the investment horizon. |
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