Neighborhood Racial Transition and Housing Returns: A Portfolio Approach
A portfolio test was used to determine whether neighborhood racial transition impacts the risk/return of housing. We conclude that the diversification advantages of residential real estate were adversely affected by racial transition and that hedge efficiency was positively related to neighborhood income and the proportion of owner occupancy. This result applied only to neighborhoods with a high rate of racial transition and was independent of neighborhood racial composition.
Volume (Year): 8 (1993)
Issue (Month): 2 ()
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