대한안전경영과학회:학술대회논문집 (Proceedings of the Safety Management and Science Conference)
- 대한안전경영과학회 2009년도 춘계학술대회
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- Pages.305-308
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- 2009
경기변동과 주택형태별 수익률에 관한 소고(小考)
The Cross-Sectional Dispersion of Housing and Business Cycle
초록
According to the returns of Housing and business cycle over the period 1992 to 2007, it is a measure of the total volatility faced by investors in Housing properties. First, it isn't a distinct difference from business cycle contrary to U.S. Second, the rise of purchase price in total apartments moves up the consumer price index. According to the cross-sectional dispersion of returns and growth in net operating income (NOI) of apartments, industrial, retail and office properties using panel data for U.S. metropolitan areas over the period 1986 to 2002, it is a measure of the total volatility faced by investors in commercial real estate. To the extent that most of that volatility is difficult to diversify, cross-sectional dispersion may be an appropriate measure of risk.