... and low interest rates, investment managers seek opportunities to provide attractive risk-return profiles for investors. Therefore, empirical proof for improvements to risk-return profiles is highly necessary in the outlined market environment. Design/methodology/approach The empirical study uses...

... and availability of sample data. The sample data in Quigg’s empirical study consists of 2,700 transactions of unimproved land parcels and 3,200 transactions of developed properties completed with hedonic descriptions of each property over a three‐year time span from 1976 to 1979. However, in the UK, land...