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Investigates the investment performance of listed Singapore property companies over the past 21 years. Risk‐adjusted performance for the companies remained inferior to stock market performance. There is some evidence that the companies’ investment performance was not consistent over time. Also finds that property companies’ performance is tied to the stock and property markets. Finally, property stocks failed to provide hedges against observed, expected and unanticipated inflation.
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Kim Hiang Liow (1997) studied this question.
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