Real Estate Returns: A Comparison with Other Investments
研究了1960-1982年间无杠杆房地产回报介于股票和债券之间，因估值平滑和流动性差需谨慎比较，但低相关性使其成为分散投资机会，并分析了房地产定价包含剩余风险及税收等非风险因素。
Real estate returns, measured unleveraged, have been between those of stocks and bonds over 1960–1982. Due to appraisal smoothing and imperfect marketability, one must be careful about directly comparing measured real estate returns with those on other assets. It is likely, however, that low correlations with stocks and bonds make real estate a diversification opportunity for traditional portfolio managers. In addition, the issue of how various assets are priced is addressed. While stocks are priced primarily on market or beta risk, and bonds are priced primarily on interest rate and default risk, the real estate pricing mechanism includes residual risk and non‐risk factors such as taxes, marketability costs and information costs.