Table 5 Return distribution... | Emerald Publishing

Table 5

Return distribution characteristics for Asia–Pacific real estate and asset classes

	Hotel RE	Office RE	Retail RE	Industrial RE	Stocks	Listed RE	Bonds	Cash
Panel A: Asia–Pacific
Mean	0.0503	0.0456	0.0671	0.0609	0.0603	0.0443	0.0134	0.0137
Median	0.0683	0.0752	0.079	0.0788	0.1091	0.0448	0.0132	0.004
Maximum	0.2252	0.1648	0.1672	0.1568	0.3786	0.4326	0.0168	0.0532
Minimum	−0.1978	−0.1192	−0.0685	−0.1276	−0.4162	−0.5112	0.0107	0.0002
Std. Dev.	0.0949	0.0737	0.0646	0.0661	0.1915	0.2138	0.0015	0.0185
Skewness	−1.043	−0.8698	−0.6396	−1.3212	−0.6774	−0.4499	0.619	1.2875
Kurtosis	4.6094	3.2267	2.6849	5.0606	3.4103	4.1792	3.0468	3.198
Jarque-Bera	5.2065	2.3084	1.3018	8.4212	1.5029	1.65	1.1513	5.0021
Probability	0.074	0.3153	0.5216	0.0148	0.4717	0.4382	0.5623	0.082
Sum	0.9056	0.8199	1.208	1.0961	1.0858	0.7983	0.2416	0.2475
Sum Sq. Dev.	0.153	0.0924	0.0709	0.0742	0.6235	0.7772	0	0.0058
Observations	18	18	18	18	18	18	18	18
Panel B: Japan
Mean	0.0638	0.0361	0.0402	0.0532	0.0713	0.0485	0.0062	0.0027
Median	0.0602	0.0571	0.0531	0.0674	0.0954	0.0191	0.0056	0.0018
Maximum	0.282	0.1327	0.0901	0.1527	0.548	0.6822	0.0168	0.0086
Minimum	−0.1224	−0.1661	−0.1642	−0.1401	−0.4248	−0.4595	−0.001	0.0006
Std. Dev.	0.1036	0.0749	0.0611	0.0645	0.2124	0.2669	0.0057	0.0025
Skewness	0.2032	−1.7368	−2.3893	−1.4396	−0.1768	0.8185	0.3735	1.1486
Kurtosis	3.0244	5.3014	8.2587	5.6455	3.783	4.1249	1.8464	3.1315
Jarque–Bera	0.1243	13.0217	37.8664	11.4663	0.5537	2.959	1.4167	3.971
Probability	0.9398	0.0015	0.0000	0.0032	0.7582	0.2277	0.4925	0.1373
Sum	1.1476	0.6497	0.7234	0.9573	1.2833	0.8731	0.1111	0.048
Sum Sq. Dev.	0.1825	0.0953	0.0636	0.0707	0.7671	1.2114	0.0006	0.0001
Observations	18	18	18	18	18	18	18	18

	Hotel RE	Office RE	Retail RE	Industrial RE	Stocks	Listed RE	Bonds	Cash
Panel A: Asia–Pacific
Mean	0.0503	0.0456	0.0671	0.0609	0.0603	0.0443	0.0134	0.0137
Median	0.0683	0.0752	0.079	0.0788	0.1091	0.0448	0.0132	0.004
Maximum	0.2252	0.1648	0.1672	0.1568	0.3786	0.4326	0.0168	0.0532
Minimum	−0.1978	−0.1192	−0.0685	−0.1276	−0.4162	−0.5112	0.0107	0.0002
Std. Dev.	0.0949	0.0737	0.0646	0.0661	0.1915	0.2138	0.0015	0.0185
Skewness	−1.043	−0.8698	−0.6396	−1.3212	−0.6774	−0.4499	0.619	1.2875
Kurtosis	4.6094	3.2267	2.6849	5.0606	3.4103	4.1792	3.0468	3.198
Jarque-Bera	5.2065	2.3084	1.3018	8.4212	1.5029	1.65	1.1513	5.0021
Probability	0.074	0.3153	0.5216	0.0148	0.4717	0.4382	0.5623	0.082
Sum	0.9056	0.8199	1.208	1.0961	1.0858	0.7983	0.2416	0.2475
Sum Sq. Dev.	0.153	0.0924	0.0709	0.0742	0.6235	0.7772	0	0.0058
Observations	18	18	18	18	18	18	18	18
Panel B: Japan
Mean	0.0638	0.0361	0.0402	0.0532	0.0713	0.0485	0.0062	0.0027
Median	0.0602	0.0571	0.0531	0.0674	0.0954	0.0191	0.0056	0.0018
Maximum	0.282	0.1327	0.0901	0.1527	0.548	0.6822	0.0168	0.0086
Minimum	−0.1224	−0.1661	−0.1642	−0.1401	−0.4248	−0.4595	−0.001	0.0006
Std. Dev.	0.1036	0.0749	0.0611	0.0645	0.2124	0.2669	0.0057	0.0025
Skewness	0.2032	−1.7368	−2.3893	−1.4396	−0.1768	0.8185	0.3735	1.1486
Kurtosis	3.0244	5.3014	8.2587	5.6455	3.783	4.1249	1.8464	3.1315
Jarque–Bera	0.1243	13.0217	37.8664	11.4663	0.5537	2.959	1.4167	3.971
Probability	0.9398	0.0015	0.0000	0.0032	0.7582	0.2277	0.4925	0.1373
Sum	1.1476	0.6497	0.7234	0.9573	1.2833	0.8731	0.1111	0.048
Sum Sq. Dev.	0.1825	0.0953	0.0636	0.0707	0.7671	1.2114	0.0006	0.0001
Observations	18	18	18	18	18	18	18	18

	Hotel RE	Office RE	Retail RE	Stocks	Listed RE	Bonds	Cash
Panel C: Hong Kong
Mean	0.0453	0.0546	0.1011	0.05	0.0174	0.0209	0.0095
Median	0.055	0.0612	0.0889	0.0232	0.0082	0.0186	0.0021
Maximum	0.2338	0.3731	0.4052	0.3721	0.434	0.0391	0.0404
Minimum	−0.2024	−0.1283	−0.1169	−0.161	−0.2533	0.0057	0.0001
Std. Dev.	0.1154	0.1338	0.1461	0.1512	0.1966	0.0098	0.0134
Skewness	−0.4519	0.8389	0.6102	0.6724	0.8829	0.597	1.5404
Kurtosis	2.8587	3.3071	2.7707	2.739	3.0904	2.5603	3.9946
Jarque–Bera	0.523	1.8183	0.9636	1.173	1.9538	1.0119	6.5502
Probability	0.7699	0.4029	0.6177	0.5563	0.3765	0.6029	0.0378
Sum	0.679	0.8186	1.5167	0.7493	0.2613	0.3129	0.1427
Sum Sq. Dev.	0.1864	0.2508	0.2989	0.3199	0.5411	0.0014	0.0025
Observations	15	15	15	15	15	15	15

	Hotel RE	Office RE	Retail RE	Stocks	Listed RE	Bonds	Cash
Panel C: Hong Kong
Mean	0.0453	0.0546	0.1011	0.05	0.0174	0.0209	0.0095
Median	0.055	0.0612	0.0889	0.0232	0.0082	0.0186	0.0021
Maximum	0.2338	0.3731	0.4052	0.3721	0.434	0.0391	0.0404
Minimum	−0.2024	−0.1283	−0.1169	−0.161	−0.2533	0.0057	0.0001
Std. Dev.	0.1154	0.1338	0.1461	0.1512	0.1966	0.0098	0.0134
Skewness	−0.4519	0.8389	0.6102	0.6724	0.8829	0.597	1.5404
Kurtosis	2.8587	3.3071	2.7707	2.739	3.0904	2.5603	3.9946
Jarque–Bera	0.523	1.8183	0.9636	1.173	1.9538	1.0119	6.5502
Probability	0.7699	0.4029	0.6177	0.5563	0.3765	0.6029	0.0378
Sum	0.679	0.8186	1.5167	0.7493	0.2613	0.3129	0.1427
Sum Sq. Dev.	0.1864	0.2508	0.2989	0.3199	0.5411	0.0014	0.0025
Observations	15	15	15	15	15	15	15

Source(s): Authors' analysis/compilation

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