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The new official exchange rate ($ = 308 yen) announced in December 1971, has called forth much discussion, since the scale of the yen revaluation exceeded expectations. There seems to be a consensus in this discussion that the consequences of the recent currency realignment will have some...
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The first essay of this dissertation investigates the relationship between downside risk andreturns of real estate investment trusts (REITs) and assesses the performance of real estatemutual funds (REMFs). We measure the asymmetric risk through downside and upside betas andthrough the measures...
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