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Value versus Growth International Real Estate Investment

Addae-Dapaah, K; Webb, JR; Kim Hin Ho, D; Hiang Liow, K; (2013) Value versus Growth International Real Estate Investment. Real Estate Economics , 41 (1) pp. 65-101. 10.1111/j.1540-6229.2012.00335.x. Green open access

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Abstract

We use office and retail properties return data for the United States and some Asia Pacific cities to ascertain the relative performance of value and growth investment strategies. The results reveal that value portfolios outperform growth portfolios. Furthermore, while the results show that risk varies over time, time-varying risk analyses generally do not support the risk-based explanation for the value premium. Similarly, conditional market regressions do not explain the value premium anomaly as all the alphas are positive and significant. Moreover, the results imply that naïve extrapolation of past performance could be a credible explanation for the value premium.

Type: Article
Title: Value versus Growth International Real Estate Investment
Open access status: An open access version is available from UCL Discovery
DOI: 10.1111/j.1540-6229.2012.00335.x
Publisher version: http://dx.doi.org/10.1111/j.1540-6229.2012.00335.x
Language: English
Additional information: This is the peer reviewed version of the following article: Addae-Dapaah, K; Webb, JR; Kim Hin Ho, D; Hiang Liow, K; (2013) Value versus Growth International Real Estate Investment. Real Estate Economics, 41 (1) pp. 65-101, which has been published in final form at: http://dx.doi.org/10.1111/j.1540-6229.2012.00335.x. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving (http://olabout.wiley.com/WileyCDA/Section/id-828039.html#terms).
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Planning
URI: https://discovery.ucl.ac.uk/id/eprint/1485892
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