부동산 수익률과 비대칭 위험측정의 관계에 관한 연구
Activation Strategy of 4PL(Fourth Party Logistics) for Korean Firms
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Abstract
This study incorporated the investors' preference to the asymmetric risk of real estate investment. The conventional risk measures, such as variance or CAPM beta, are based on the assumptions that investors recognize upward risk and downward risk are same. But practically, investors felt the downward risk is more risk than the upward risk. So, this study is what measures on asymmetric risks, and whether those asymmetric measures explain the real estate returns or not. Empirical results indicated the real estate returns are explained not only by the symmetric risk measures, but also by the asymmetric risk measures.중요어: 비대칭 위험측정치, 부동산수익률, 포트폴리오 관리Asymmetric risk measure, Real estate return, Portfolio management
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