TY  - JOUR
JF  - Journal of Property Research
A1  - Addae?Dapaah, K
A1  - Ho, KHD
A1  - Chua, YH
UR  - http://dx.doi.org/10.1080/09599910701440156
SN  - 1466-4453
IS  - 2
N1  - This is an Accepted Manuscript of an article published by Taylor & Francis in the Journal of Property Research on 9 August 2007, available online: http://www.tandfonline.com/10.1080/09599910701440156.
VL  - 24
SP  - 159
KW  - Contrarian investment strategy
KW  -  value?growth spread
KW  -  value properties
KW  -  growth properties
KW  -  stochastic dominance
N2  - The profitability of contrarian investment strategy (i.e. investing in value stocks) is one of the most well?established empirical facts in the finance literature. It would appear, however, that the strategy has not been extended to real estate. Thus, the paper examines the contrarian investment strategy in relation to real estate so as to ascertain the comparative advantage(s) (in terms of performance) of ?value? and ?growth? property investments. It is found, after a case study of 11 cities in the Asia?Pacific over the period 1994Q2 through 2004Q2, that contrarian real estate investment consistently outperformed growth property investment. The results of stochastic dominance test validate the relative superiority of ?value? over ?growth? property investment. This implies that fund managers who traditionally have been favouring prime (i.e. growth) property investment may have to reconsider their investment strategy if they want to maximize their return.
ID  - discovery1530077
TI  - Contrarian Real Estate Investment in Some Asia Pacific Cities
AV  - public
Y1  - 2007/06//
EP  - 190
ER  -