| dc.description.abstract | This study explores the Taiwan 50 Index, Construction Stocks Index, REITs Index, and the Sinyi Realty Taipei and New Taipei City Real Estate Indexes as the study sample, to discuss whether traditional CAPM empirical models which fail to consider real estate can nevertheless interpret the sample, and to study whether they can efficaciously expand the stock market’s core efficiency frontier.
The empirical results found that when deploying the Taiwan 50 Index as a proxy indicator for market investment combinations, real estate had a significant Jensen’s alpha, indicating that it was able to efficaciously expand stock market efficiency frontier performance. Furthermore, the study’s investment mix construct, though not exhibiting the highest income returns, nevertheless given the relative lesser risk of real estate, and without considering whether there was any short selling, real estate percentiles were the highest among the mix. This explains how in the investment mix, it is appropriate to advise investors to add real estate investment capital planning, so as to achieve a less risky, higher investment returns performance target. | en_US |