지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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The style analysis plays an important role in the fund industry, providing useful methods of understanding and evaluating a large number of funds. In real estate market, however, the study on style analysis remains at the beginning stage compared to securities market. And moreover, it’s difficult to find out any previous study on the subject in Korea. This study conducts a test on the usefulness of style analysis on the office market in Seoul using size and value-growth factors model, a model based on the studies of Marcato(2004) and Fuerst and Marcato(2009).
They chose the capital value of real estate as the size factor and the equivalent yield as the value-growth factor. This study accepted the two factors and added two more variables, the income to capital return ratio as the value-growth factor and rent to maintenance fee ratio as additional factor. The empirical result suggests that the size and value-growth factors are significant as style factors and the income to capital return ratio is more appropriate as the value-growth factor than equivalent yield. But the additional factor, the rent to maintenance fee ratio, turned out to be not sufficiently significant. This result shows the usefulness of the style analysis on the office market in Seoul using size and value-growth factors model.
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참고문헌 (26)
참고문헌 신청
Baczewski, J. / 2003 / Real Estate Investment Style: Trends from the Catwalk
Banz, R. / 1981 / The Relationship Between Return and Market Value of Common Stocks / Journal of Financial Economics 9 : 3 ~ 18
Basu, S. / 1977 / Investment Performance of Common Stocks in Relation to Their Price-Earnings Ratios: A Test of the Efficient Market Hypothesis / Journal of Financial Economi
Bhandari, L. / 1988 / Debt-Equity Ratio and Expected Common Stock Returns: Empirical Evidence / Journal of Finance 43 : 507 ~ 528
Campbell, J. / 1988 / The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors / Review of Financial Studies 1 : 195 ~ 228
Banz, R. / 1981 / The Relationship Between Return and Market Value of Common Stocks / Journal of Financial Economics 9 : 3 ~ 18
Basu, S. / 1977 / Investment Performance of Common Stocks in Relation to Their Price-Earnings Ratios: A Test of the Efficient Market Hypothesis / Journal of Financial Economi
Bhandari, L. / 1988 / Debt-Equity Ratio and Expected Common Stock Returns: Empirical Evidence / Journal of Finance 43 : 507 ~ 528
Campbell, J. / 1988 / The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors / Review of Financial Studies 1 : 195 ~ 228
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