Behaviours of property investors : an investigation on the risk perceptions of Australian property fund managers

Chyi Lin Lee, Richard Reed, Jon Robinson

    Research output: Chapter in Book / Conference PaperConference Paper

    Abstract

    ![CDATA[Recent finance and real estate empirical and analytical studies have demonstrated that downside risk appears as an intuitively appealing risk measure in which it is more consistent with investors' behaviours. Conversely, qualitative studies into the behaviours of investors, particularly real estate investors, have been relatively limited. This study seeks to address this shortfall and aims to examine the behaviours of property fund managers towards downside risk. A survey was conducted in order to investigate the risk perceptions of property fund managers and determine whether they only require compensation for bearing with higher downside risk. The acceptance level of downside risk in the property funds industry in Australia is also examined. The findings reveal that downside risk is more consistent with how investors individually perceive risk. However, there is also a gap between theoretical assertions and practice in which downside risk is not commonly used in the practice. The results give an insight into the knowledge base of property investors towards downside risk.]]
    Original languageEnglish
    Title of host publicationInvesting in Sustainable Real Estate Environment (PRRES2008): Proceedings of the 14th Pacific Rim Real Estate Society Conference, held in Kuala Lumpur, Malaysia, 20-23 January, 2008
    PublisherPacific Rim Real Estate Society
    Number of pages24
    Publication statusPublished - 2008
    EventPacific Rim Real Estate Society Conference -
    Duration: 18 Jan 2009 → …

    Conference

    ConferencePacific Rim Real Estate Society Conference
    Period18/01/09 → …

    Keywords

    • risk management
    • real estate investment
    • risk perception
    • Australia

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