Abstract
According to investor folklore, real estate investments offer an above average rate of return and a hedge against inflation. Previous research on real estate returns suggests that investor folklore may have some basis of truth. The work of Brueggeman, Chen, and Thibodeau (1984), Ibbotson and Siegel (1984), Hartzell, Hekman, and Miles (1987), Kuhle, Walther, and Wurtzebach (1986), and Kuhle (1987) shows that real estate either earned excessive returns or provided a good hedge against inflation. In a review of the real estate return literature, Sirmans and Sirmans (1986–87) indicate that most studies find real estate returns exceed that of stock and bond investments.
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Glascock, J.L., Davidson, W.N. (1995). Performance Measures of Real Estate Firm Common Stock Returns. In: Schwartz, A.L., Kapplin, S.D. (eds) Alternative Ideas in Real Estate Investment. Research Issues in Real Estate, vol 2. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-0367-8_10
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DOI: https://doi.org/10.1007/978-94-009-0367-8_10
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