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Micro Cap Assets versus Macro Cap Assets: The Effect of Asset Size on Financial Performance in Real Estate

Oscar Vasco, Stephanie Feit, Jesus Bandres, Emily Francis, Nicolas Falkinoff Gips and Diyi “Claire” Chen
The Journal of Private Equity Winter 2018, 22 (1) 19-30; DOI: https://doi.org/10.3905/jpe.2018.22.1.019
Oscar Vasco
is a current MBA candidate graduating in 2019 from the Olin Graduate School of Business at Washington University in St Louis, MO
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Stephanie Feit
is a current MBA candidate graduating in 2019 from the Olin Graduate School of Business at Washington University in St Louis, MO
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Jesus Bandres
is a current MBA candidate graduating in 2019 from the Olin Graduate School of Business at Washington University in St Louis, MO
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Emily Francis
is a current MBA candidate graduating in 2019 from the Olin Graduate School of Business at Washington University in St Louis, MO
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Nicolas Falkinoff Gips
graduated with a Masters of Finance from Washington University in St. Louis in May 2018 and works as an Equity Research Analyst at JAG Capital Management in St. Louis, MO
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Diyi “Claire” Chen
graduated with a Masters of Finance from Washington University in St. Louis in May 2018 and has returned to China
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Abstract

This study explored the investment thesis that micro assets outperform macro assets. Micro assets include office and industrial real estate assets acquired at a price between $1 – $10 million. An asset acquired at a cost higher than $10 million is a macro asset. The study used a data sample of 1,025 office and industrial real estate asset transactions collected from the databases CompStak and Co-Star. Data were collected from 1993 to 2016, representing approximately 38 cities across different market tiers. The results obtained from the analysis, with a 90% confidence level, showed that micro assets yielded an 8.76% higher IRR than macro assets. Similarly, the study found, with a 99% confidence level, that the change in the value of micro assets is 15.97% higher than macro assets.

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The Journal of Private Equity: 22 (1)
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Micro Cap Assets versus Macro Cap Assets: The Effect of Asset Size on Financial Performance in Real Estate
Oscar Vasco, Stephanie Feit, Jesus Bandres, Emily Francis, Nicolas Falkinoff Gips, Diyi “Claire” Chen
The Journal of Private Equity Nov 2018, 22 (1) 19-30; DOI: 10.3905/jpe.2018.22.1.019

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Micro Cap Assets versus Macro Cap Assets: The Effect of Asset Size on Financial Performance in Real Estate
Oscar Vasco, Stephanie Feit, Jesus Bandres, Emily Francis, Nicolas Falkinoff Gips, Diyi “Claire” Chen
The Journal of Private Equity Nov 2018, 22 (1) 19-30; DOI: 10.3905/jpe.2018.22.1.019
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