房地产收益的实际应用

IF 0.4 Q4 BUSINESS, FINANCE Journal of Alternative Investments Pub Date : 2020-11-30 DOI:10.3905/jai.23.s1.040
J. C. Francis, R. Ibbotson
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引用次数: 0

摘要

《另类投资杂志》2020年秋季刊的《房地产回报的实际应用》中,作者杰克·克拉克·弗朗西斯(巴鲁克学院)和罗杰·g·伊博森(耶鲁大学)将房地产投资回报与股票和债券等传统投资回报进行了比较。他们关注的重点是房地产的总回报,而不仅仅是地价上涨带来的资本收益。作者发现,在研究期间(1991-2018),农田的年化总回报率为11.4%,优于股票,而住宅房地产的年化总回报率为9.0%,商业房地产的年化总回报率为8.5%。最重要的是,他们发现租金提供了所有房地产的大部分投资回报。因此,他们警告投资者和财务顾问不要仅仅根据房地产价格的上涨幅度来做出投资决策。然而,他们表示,房地产投资风险很难衡量,因为用于跟踪房地产价格变化的方法会进行人为平滑。房地产的表现也显示出与股票和债券的低相关性,因此财务顾问和机构投资者可能希望考虑在传统投资组合中增加房地产,以帮助分散投资。
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Practical Applications of Real Estate Returns
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.
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来源期刊
CiteScore
1.50
自引率
14.30%
发文量
40
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
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