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Abstract

In an efficient financial market, prices of securities adjust immediately to any new information and the purchase or sale of any security at the market price will always offer the same return, irrespective of the investment selection criteria. The efficient market hypothesis assumes that price behavior can be considered a random walk (Kendall, 1953) and, especially if transaction costs are relevant, investors can maximize their expected returns by randomly selecting a portfolio and adopting a buy and hold strategy (Jensen and Benington, 1970).

Keywords

Real Estate Investment Strategy Price Dynamic Real Estate Market Real Estate Investment Trust 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Gianluca Mattarocci 2014

Authors and Affiliations

  • Gianluca Mattarocci
    • 1
  1. 1.University of Rome Tor VergataItaly

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