The empirical study uses black swan approach to analyze the performance of South African （ZA） listed property loan stocks （PLSs）. Although there are no empirical studies on black swan perspective and performance o...The empirical study uses black swan approach to analyze the performance of South African （ZA） listed property loan stocks （PLSs）. Although there are no empirical studies on black swan perspective and performance of listed real estate funds, the study found that there are similar traits of investing in listed real estate funds from emerging markets＇ perspective and what black swan advocates such as passive investment strategy and non-normality distribution of returns from listed real estate funds. Furthermore, the individual return of each fund was higher the return of the property loan stocks index and the probabilities of all variables confirm that they （variables） are significant when alpha is 10% at confidence level of 90%.展开更多
文摘The empirical study uses black swan approach to analyze the performance of South African （ZA） listed property loan stocks （PLSs）. Although there are no empirical studies on black swan perspective and performance of listed real estate funds, the study found that there are similar traits of investing in listed real estate funds from emerging markets＇ perspective and what black swan advocates such as passive investment strategy and non-normality distribution of returns from listed real estate funds. Furthermore, the individual return of each fund was higher the return of the property loan stocks index and the probabilities of all variables confirm that they （variables） are significant when alpha is 10% at confidence level of 90%.
