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International Journal of Strategic Property Management, 14
Environment and Behavior, 1
Construction Management and Economics, 29
Journal of Real Estate Finance & Economics, 4
Journal of Finance, 7
International Real Estate Review, 11
Journal of Housing Economics, 7
Review of Regional Studies, 27
Journal of Real Estate Finance and Economics, 23
Urban Studies, 49
Journal of Real Estate Portfolio Management, 6
Economic Development Quarterly, 21
Real Estate Economics, 39
Journal of Real Estate Portfolio Management, 1
Eastern Economic Journal, 15
Real Estate Economics, 34
Journal of Real Estate Literature, 14
Journal of Cultural Economics, 34
Appraisal Journal, 62
Journal of Housing Economics, 17
AREUEA Journal, 14
Real Estate Economics, 29
AREUEA Journal, 12
Conspicuous Consumption and House Prices, Journal of Real Estate Finance and Economics, 33
Urban Studies, 38
Journal of Housing Economics, 12
European Journal of Housing Policy, 7
Journal of Political Economy, 82
Journal of Property Tax Assessment & Administration, 1
AREUEA Journal, 17
Journal of Urban Economics, 14
Economic Development Quarterly, 5
Journal of Real estate Finance and Economics, 2
PurposeThis article aims to analyze the performance and risk of landmark building in the housing sector and to evaluate their usefulness for a diversification strategy.Design/methodology/approachAfter comparing summary statistics on the performance of landmark building with respect to other types of housing investments, the article evaluates their usefulness for a diversification strategy. The role of landmark buildings is studied using the modern portfolio theory and evaluating the role of this type of asset in the optimal asset allocation. The analysis is performed considering both the risk/return trade-off in a one-year and a multiple-year time horizon.FindingsThe results show that a landmark building can be a good investment opportunity, especially for high-risk/return investors. A not perfect correlation of the returns of this asset class with other types of housing investments implies the existence of a minimum investment in this asset class for almost all portfolios on the efficient frontier. Results are robust with respect to the length of the investment time horizon.Originality/valueThe article presents a unique analysis of intra-housing market diversification opportunities focusing on the role of landmark building in the portfolio construction. Empirical evidence supports the hypothesis that real estate investors can take advantage of investing in landmark buildings in the residential sector as well because there are no reasons to limit such investments to trophy buildings in the office and commercial sectors.
International Journal of Housing Markets and Analysis – Emerald Publishing
Published: Oct 3, 2016
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