Performance of Property Companies in Hong Kong: A Style Analysis Approach

K. Chau, S. Wong and Graeme Newell

Journal of Real Estate Portfolio Management, 2003, vol. 9, issue 1, 29-44

Abstract: Executive Summary. This study analyzes the returns of publicly traded property companies using the style analysis approach. Our results show that the proportion of direct real estate has increased over time. This suggests that indirect and direct real estate are becoming closer substitutes for each other. Furthermore, the findings indicate that the performance of most property companies is not significantly different from the performance of the underlying implied portfolio before transaction costs are taken into account. This implies that the performance of a property company is mainly attributable to its investment style characterized by the implied portfolio rather than management skills.

Date: 2003
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/10835547.2003.12089675 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:repmxx:v:9:y:2003:i:1:p:29-44

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/repm20

DOI: 10.1080/10835547.2003.12089675

Access Statistics for this article

Journal of Real Estate Portfolio Management is currently edited by Peng Liu and Vivek Sah

More articles in Journal of Real Estate Portfolio Management from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().