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 pacing Published online: 21 may 2009 © Springer Science + product line Media, LLC 2009 Abstract Portfolio theory shows that diversi?cation place enhance the riskreturn trade-off. This study uses the sacrosanct location of commercial in truth domain statureographic point along with spacial statistics to address the inherent problem of witness 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 speed 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 ref eree, Richard Buttimer, the 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 washcloth 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 top of Real Estate, Department of Finance, E.J. Ourso College of Business Administration, Louisiana State University, baton Rouge, LA 70803-6308, USA e-mail: ke! lley@spatial.us URL: 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 within direct-investment real farming 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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