Real Estate Finance in the New Economy

Online-Ressource (287 p)

Description based upon print version of record

Real Estate Finance in the New Economy; Copyright; Contents; Preface; Acknowledgements; 1 International Economic Developments since the 1970s; Introduction; International trade theories: Setting the scene; International goods and capital flows; Reasons for trade; Theoretical models of trade; The theory of comparative advantage; The Heckscher-Ohlin trade model; The inter-temporal trade model; International trade in capital and the role of international capital markets; The Dunning eclectic paradigm; Porter's model of competitive advantage of nations; Trading blocs and globalisation

ConclusionsNotes; References; 2 International Real Estate Markets: Evolution; Introduction; Size of property market; User market; Investment market; Investor profile; Development; Financing of property; International real estate activity and trade models; Conclusions; Note; References; 3 Financial Systems, Flow of Funds to Property and Innovations; Introduction; Bank-based and market-based financial systems; Property investors and intermediaries; Investment mechanisms; Private investment mechanisms; Public investment mechanisms; Other mechanisms; Innovations

Economic assessment of investment mechanismsLease financing; Asset-backed securities; Mortgage-backed securitisation; REITs; Impact of new investment mechanisms on business culture and practices; Arms length (market) versus relationship (bank based); Conclusions; References; 4 Property Investors, Investment Vehicles and Strategies; Size of property; Investment and investors; Property in investment portfolio; Investment strategies; Core; Opportunistic; Value added; The listed property sector; Property investment and leverage; Conclusions; Appendix 4.1; References

5 Financial Markets, the New Economy and the RiskIntroduction; Value determinants of real estate in the twenty-first century; Economic globalisation; Sustainability; Innovation and preferences; Theorising real estate linkages in the new economy; Financing of real estate in new economy; Leverage and risks; Conclusions; References; 6 Real Estate Asset Bubbles; An introduction to cycles in real estate; Cycles in the use market; Cycles in investment market; Cycles in development market; Expectations and bubbles; Formation of real estate bubbles and its detection

Key patterns of past real estate bubblesAsian financial crisis; The U.S . subprime mortgage crisis and the financial crisis of 2008; Explanations in the literature, new economy and role of credit; Conclusions; References; 7 International Capital Flows in Property: Portfolio Diversification or Return Chasing; Introduction; Theoretical considerations in portfolio investment; Direct property in multi-asset portfolios; Direct property in property-only portfolios; Indirect property investment in multi-asset portfolios; Indirect real estate investment in real estate-only portfolios

Contradictions in research on diversification benefits from international property investment

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