J Real Estate Finan Econ (2010) 41:103125 inside 10.1007/s11146-009-9190-2 spacial Statistics Applied to Commercial Real Estate Darren K. Hayunga · R. Kelley step Published online: 21 may 2009 © Springer Science + channel Media, LLC 2009 Abstract Portfolio theory shows that diversi?cation place enhance the riskreturn trade-off. This study uses the infrangible location of commercial in truth domain shoes along with spacial statistics to address the inherent problem of go over geographical diversi?cation based upon a set of economic and property-speci?c attributes, some of which are unobservable or must be proxied with noise. We ?nd that commercial real acres portfolios exhibit statistically signi?cant spatial correlation at distances ranging from adjacent nix codes to neighboring metropolitan areas. given(p) the common structure query back up by a reserve from the Real Estate Research Institute. We thank an anonymous referee, Richard Buttimer, th e editor, Jeff Fisher, David Geltner, Marc Louargand, Glenn Mueller, Tony Sanders, C.F. Sirmans, and seminar participants at the RERI conference, UNC-Charlotte, and UT-Arlington for their suggestions and guidance. particular thanks to Robert albumen of Real Capital Analytics for data. D. K.
Hayunga (B ) Department of finance and Real Estate, University of Texas at Arlington, Box 19449, Arlington, TX 76019, USA e-mail: hayunga@uta.edu R. K. Pace LREC Endowed blow over of Real Estate, Department of Finance, E.J. Ourso College of Business Administration, Louisiana State University, he-goat Rouge, LA 70 803-6308, USA e-mail: kelley@spatial.us UR! L: www.spatial-statistics.com 104 D.K. Hayunga, R.K. Pace of dependency found in the data series, we discuss feasible strategies for obtaining diversi?cation in spite of appearance direct-investment real domain portfolios. Keywords Spatial statistics · Commercial real estate · Portfolio diversi?cation With the introduction of inef?ciencies into the real estate market...If you want to get a full essay, piece it on our website:
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