Yiu, Chung Yim; Xiong, Chuyi; Cheung, Ka Shing - In: Journal of risk and financial management : JRFM 15 (2022) 9, pp. 1-14
Understanding risk-adjusted returns in real estate investment are crucial, but little is known about the risk …-adjusted returns for direct real estate. This paper examines risk-adjusted total returns by developing an extended capital asset … pricing model (CAPM) to investigate whether direct real estate returns compensate for their risk levels. Based on a panel …