英文文献：The Diversification And Inflation-Hedging Potentials Of Direct And Indirect Real Estate Investments In Nigeria-尼日利亚直接和间接房地产投资的多样化和保值潜力
英文文献作者：Daniel Ibrahim Dabara,Olusegun Adebayo Ogunba,Fumilayo Moyinola ARALOYIN
英文文献摘要：
PURPOSE: This study aims at examining the diversification and inflation-hedging potentials of both direct and indirect real estate investments in Nigeria from 2005 to 2014 this is with a view to providing information for investment decisions.DESIGN/METHODOLOGY/APPROACH: Secondary data on rental/capital values of direct real estate investments covering an average total of 1,587 residential properties was obtained from the records of 5 Estate Surveying and Valuation Firms in Gombe. Similarly, the dividend and share prices of the indirect real estate investment were also collected from the data bank of the Nigerian stock exchange. These data were subsequently translated to holding period returns. Furthermore, secondary data with respect to the Nigerian Consumer Price Index (CPI) which was used as a proxy for actual inflation for the study was collected from the National Bureau of Statistics (NBS). These data groups were used to calculate the asset and portfolio returns as well as the asset and portfolio risks of the selected assets. Furthermore, both descriptive and inferential statistics were used to determine the diversification and inflation-hedging potentials of the selected investment assets. This involved the use of weighted means, Pearson Product Moment Correlation and the Ordinary Least Square Regression.FINDINGS: The study revealed that investment in direct property provided the highest returns (22.48%) as well as the highest level of risk (8.71548%) over the study period. The study further showed that only the direct property investment demonstrated the existence of diversification potential. Similarly, among the two selected asset classes only direct property showed complete inflation-hedging potential with beta 0.082, while indirect property showed a beta of -0.126, suggesting a perverse hedging characteristics.PRACTICAL IMPLICATIONS: Diversification and Inflation-hedging potentials of investment asset classes is of particular interest to investors. The results of this study can be useful for investment forecasts as well as investment decisions on asset types to include in portfolios as a measure for protecting investors’ earnings from erosion by inflation and a means of enjoying diversification benefits thereby improving the performance of the investment portfolio.ORIGINALITY/VALUE: Research work on the subject of diversification and inflation-hedging in Nigeria were majorly conducted in isolation. This study expanded the scope of the diversification and inflation-hedging literature by empirically investigating both investment indicators in a comparative context.

目的:本研究旨在研究2005年至2014年尼日利亚直接和间接房地产投资的多元化和通货膨胀保值潜力，旨在为投资决策提供信息。设计/方法/方法:直接房地产投资的租金/资本价值的二级数据来自冈贝的5家房地产调查和估价公司的记录，平均涉及1587处住宅物业。同样，间接房地产投资的股息和股票价格也从尼日利亚证券交易所的数据库中收集。这些数据随后转化为持有期回报。此外，与尼日利亚消费者价格指数(CPI)相关的二级数据来自国家统计局(NBS)，该数据在研究中被用作实际通胀的代理。这些数据组用于计算所选资产的资产和组合收益以及资产和组合风险。此外，利用描述性和推论统计学来确定所选投资资产的多样化和保值潜力。这涉及使用加权平均数，皮尔逊积矩相关和普通最小二乘回归。结果:研究结果显示，在研究期间，直接投资物业的回报最高(22.48%)，风险亦最高(8.71548%)。研究进一步表明，只有直接的房地产投资才能证明多元化潜力的存在。同样，在两种选定的资产类别中，只有直接房地产具有完全的通胀对冲潜力，贝塔系数为0.082，而间接房地产的贝塔系数为-0.126，表明存在反常的对冲特征。实际影响:投资者对投资资产类别的多样化和保值潜力特别感兴趣。这项研究的结果可以用于投资的预测以及投资决策在投资组合的资产类型包括作为保护投资者的收益的衡量通货膨胀的侵蚀和享受的一种手段多样化的好处从而提高投资组合的表现。独创性/价值:尼日利亚关于多样化和通货膨胀保值的研究工作主要是孤立进行的。本研究通过在比较的背景下对这两个投资指标进行实证研究，扩大了分散化和通货膨胀保值文献的范围。