Lee, Chyi Lin; Robinson, Jon; Reed, Richard - 2008
property trusts (LPTs). Design/methodology/approach : Capital asset pricing model (CAPM) and lower partial moment-CAPM (LPM … implications : Investors and real estate analysts should conscious with the higher returns from high leverage and internally … managed LPTs. Although there is no evidence that these higher returns are related to higher systematic risk, there could be …