{"title":"房地产收益的实际应用","authors":"J. C. Francis, R. Ibbotson","doi":"10.3905/jai.23.s1.040","DOIUrl":null,"url":null,"abstract":"Practical Applications In Real Estate Returns, from the Fall 2020 issue of The Journal of Alternative Investments, authors Jack Clark Francis (Baruch College) and Roger G. Ibbotson (Yale University) compare real estate investment returns to those from traditional investments like stocks and bonds. Their key focus is on real estate’s total returns—not just capital gains from rising land prices. The authors find that during the study period (1991–2018), farmland had an annualized total return of 11.4%—outperforming stocks—while residential real estate returned 9.0% and commercial real estate returned 8.5%. Most importantly, they find that rents provide the majority of investment returns from all real estate. They therefore warn investors and financial advisors not to base their investment decisions solely on how much real estate prices go up. However, they say real estate investment risk is hard to gauge because the methods used to track real estate price changes cause artificial smoothing. Real estate’s performance also shows a low correlation with that of stocks and bonds—so financial advisors and institutional investors may wish to consider adding real estate to traditional investment portfolios to help with diversification.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.4000,"publicationDate":"2020-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Practical Applications of Real Estate Returns\",\"authors\":\"J. C. Francis, R. Ibbotson\",\"doi\":\"10.3905/jai.23.s1.040\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Practical Applications In Real Estate Returns, from the Fall 2020 issue of The Journal of Alternative Investments, authors Jack Clark Francis (Baruch College) and Roger G. Ibbotson (Yale University) compare real estate investment returns to those from traditional investments like stocks and bonds. Their key focus is on real estate’s total returns—not just capital gains from rising land prices. The authors find that during the study period (1991–2018), farmland had an annualized total return of 11.4%—outperforming stocks—while residential real estate returned 9.0% and commercial real estate returned 8.5%. Most importantly, they find that rents provide the majority of investment returns from all real estate. They therefore warn investors and financial advisors not to base their investment decisions solely on how much real estate prices go up. However, they say real estate investment risk is hard to gauge because the methods used to track real estate price changes cause artificial smoothing. Real estate’s performance also shows a low correlation with that of stocks and bonds—so financial advisors and institutional investors may wish to consider adding real estate to traditional investment portfolios to help with diversification.\",\"PeriodicalId\":45142,\"journal\":{\"name\":\"Journal of Alternative Investments\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.4000,\"publicationDate\":\"2020-11-30\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Alternative Investments\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.3905/jai.23.s1.040\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Alternative Investments","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3905/jai.23.s1.040","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Practical Applications In Real Estate Returns, from the Fall 2020 issue of The Journal of Alternative Investments, authors Jack Clark Francis (Baruch College) and Roger G. Ibbotson (Yale University) compare real estate investment returns to those from traditional investments like stocks and bonds. Their key focus is on real estate’s total returns—not just capital gains from rising land prices. The authors find that during the study period (1991–2018), farmland had an annualized total return of 11.4%—outperforming stocks—while residential real estate returned 9.0% and commercial real estate returned 8.5%. Most importantly, they find that rents provide the majority of investment returns from all real estate. They therefore warn investors and financial advisors not to base their investment decisions solely on how much real estate prices go up. However, they say real estate investment risk is hard to gauge because the methods used to track real estate price changes cause artificial smoothing. Real estate’s performance also shows a low correlation with that of stocks and bonds—so financial advisors and institutional investors may wish to consider adding real estate to traditional investment portfolios to help with diversification.
期刊介绍:
The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices