This study reviews the most recent findings on real estate returns, and organizes the reviews
into five categories:(1) risk and returns;(2) diversification and portfolio optimization …

We explore the questions of whether and why out‐of‐state buyers pay more for real estate
than their in‐state counterparts. Theoretically, we develop a model capable of explaining a …

This study presents evidence of cointegration between securitized (NAREIT) and direct
(NCREIF) real estate total return indices. Since the two real estate indices are cointegrated …

The growing importance of multifamily housing as a viable choice of residence is evidenced
by the number of empirical and theoretical studies in the real estate literature. Researchers …

Researchers have been interested in investigating the role of Real Estate Investment Trusts
(REITs) in institutional portfolios since their debut in the financial market over four decades …

With property characteristics unobserved or difficult to measure, there are returns to
evaluation, due diligence, and performance. Buyers can invest in observable human capital …

This paper contributes to the growing literature on the economics of green buildings: by
merging auction theory and hedonic regression analysis we investigate the relationship …

Commercial real estate is a cyclical asset with partial inflation-hedging characteristics. The
inflation-hedging characteristics can account for the observed long-term appreciation in …

This study examines the impact of foreign real estate investment on the US office market
capitalization rates. The geographic unit of analysis is MSA and the time period is 2001 …

This study explores the outcome for REIT investment in response to NAV premiums
considering (1) the volume of acquisition activity, and (2) relative prices paid for individual …