2015 V41 1 pp. 65ndash;101 2015 V41 1：第65-101.docVIP

2013 V41 1: pp. 65–101 2013 V41 1：第65-101DOI: 10.1111/j.1540-6229.2012.00335.x DOI：10.1111/j.1540-6229.2012.00335.xREAL ESTATE 房地产ECONOMICS 经济 Value versus Growth International Real 价值与成长中的国际房地产Estate Investment 房地产投资Kwame Addae-Dapaah, ? James R. Webb, ?? David Kim Hin Ho, ??? 夸Addae-Dapaah，*詹姆斯·R·韦伯 ，** 大卫金轩豪 ，***and Kim Hiang Liow ???? 和金HIANG廖 **** We use of?ce and retail properties return data for the United States and some 我们使用写字楼及零售物业返回数据为美国和一些Asia Paci?c cities to ascertain the relative performance of value and growth in- 亚太城市以确定价值和成长在相对 ??性能vestment strategies. 法衣策略。 The results reveal that value portfolios outperform growth 结果表明，价值投资组合跑赢大盘成长portfolios. 投资组合。 Furthermore, while the results show that risk varies over time, time- 此外，虽然结果表明，风险随时间而变化，时varying risk analyses generally do not support the risk-based explanation for 不同的风险分析一般不支持的基于风险的解释the value premium. 价值溢价。 Similarly, conditional market regressions do not explain the 同样，有条件的市场回归不解释value premium anomaly as all the alphas are positive and signi?cant. 值溢价异常，因为所有的阿尔法为正和显著。 More- 更over, the results imply that na¨ ve extrapolation of past performance could be a 过来，结果暗示呐¨已经过去的表现推断可能是一个credible explanation for the value premium. 可信的解释的价值溢价。 The choice of an investment strategy is an important step in the decision- 投资策略的选择是决策重要的一步making process of fund managers and large institutional investors. 使得基金经理和大型机构投资者的过程。 In view 鉴于of this, growth stock investment strategy and value stock investment strat- 因此，成长型股票投资策略与价值投资股票STRAT-egy have received considerable attention in the ?nance literature. 埃及已获得相当大的关注，在金融文献。 The growth 成长stock investment strategy is frequently associated with investments in glamour 股票投资策略是经常与魅力的投资相关stocks that have relatively high price-to-earnings ratios ( ie ., high gross income 具有相对高的价格对盈利比率（ 即 。，高总收入的股票multiplier in real estate terms). 乘数在房地产方面）。 On the other hand, value stock investment strat- 在另一方面，价值型股票的投资STRAT-egy usually involves invest