The Composition of the Market Portfolio and Real Estate Investment Performance
研究市场投资组合构成是否影响对房地产绩效的判断，发现即使绩效测量有偏，排名仍有意义，且市场代理变量构成不必然改变对房地产投资绩效的推论。
This study investigates whether the composition of the market portfolio leads to different inferences on real estate performance. As a point of departure, this paper first explores whether the omission of assets in a market proxy leads to a biased measurement of investment performance. The study finds that ranking investment performance is not meaningless even though investment performance is inaccurately measured. Furthermore, the composition of the market proxy does not necessarily lead to different inferences on real estate investment performance although superior real estate investment performance arises from the omitted asset phenomenon and also from smoothing bias in general.