Return distributions of private real estate investments.
Abstract (Summary)This dissertation investigates the distribution of returns accruing to individual owners of investment real estate property. Previously, most research in investment real estate concentrated upon large institutional owners using finance paradigms, tools and methodology. Other researchers have questioned the use of finance models, predominantly Modern Portfolio Theory (MPT), for real estate research. None have yet offered an alternative. This dissertation extends the literature by (a) offering a theory of risk based on the assumption of non-normal probability distributions and an economic tradeoff different from the mean-variance rule of MPT; and (b) introducing a data set covering property rarely studied that supports the theory advanced herein. iv
School Location:USA - Pennsylvania
Source Type:Master's Thesis
Date of Publication: