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논문 기본 정보

자료유형
학술저널
저자정보
정완성 (서울디지털대학교)
저널정보
한국주거환경학회 주거환경 住居環境 통권 제10권 제2호 (통권 제18호)
발행연도
2012.9
수록면
191 - 209 (19page)

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초록· 키워드

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The purpose of this study is to investigate the effects of corporate real estate holding ratio on corporate stock"s return and risk in the case of Korean listed corporation between the years 2000-2009. In addition, this study examines different impact of corporate real estate holding ratio on corporate stock"s return and risk in the various industry sectors and in the two stock markets. Goal in this study is to find out corporate real estate holding strategy in the different industry sectors and stock markets. This empirical analysis is based on data from KISVALUE. Dataset comprises 1,216 firms during 2000 - 2009. This empirical analysis is carried out in order to find out influence of corporate real estate holding ratio by selecting variables such as predicted real estate ratio, systematic risk(beta), excess return(alpha), firm size, leverage and industry, market, year dummies. Results of this empirical work is carried out by using 2SLS(2 stages least squared Regression Analysis). We discovered that without grouping sample data into sub industries group and sub markets group, real estate holding ratio does affect on systematic risk significantly and does not affect on yearly stock return and excess return significantly. However, We discovered different Portfolio diversification, Share holder wealth and Stock performance because real estate holding"s effect is differently appeared in various industry sectors and stock markets.

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Abstract
Ⅰ. 서론
Ⅱ. 선행연구
III. 연구의 방법
IV. 실증분석결과
V. 결론 및 시사점
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UCI(KEPA) : I410-ECN-0101-2014-595-001106691