Property markets around the world are cyclical.The author, using the experience he has gained as a practising real estate professional for over 40 years,analyses how cycles occur and the key drivers. This includes how property cycles can best be exploited.

This study investigates the pricing of electricity futures at the European Energy Exchange (EEX) over the period 2002 through 2004. To calculate theoretical contract values, the reduced‐form models of J. J. Lucia and E. S. Schwartz (2002) are used, and a thorough empirical analysis by means of...