We calculate optimal portfolio choices for a long-horizon, risk-averse investor who diversifies among European stocks, bonds, real estate, and cash, when excess asset returns are predictable. Simulations are performed for scenarios involving different risk aversion levels, horizons, and...

We calculate the ex-post, realized portfolio performance for an investor who diversifies among U.S. stocks, bonds, real estate indirect investment vehicles (E-REITS), and cash. Simulations are performed for two alternative asset allocation frameworks - classical and Bayesian - and for scenarios...

We calculate optimal portfolio choices for a long-horizon, risk-averse investor who diversifies among European stocks, bonds, real estate, and cash, when excess asset returns are predictable. Simulations are performed for scenarios involving different risk aversion levels, horizons, and...

This paper analyzes the choice of the socially optimal titling system assuming rational individual choices about recording, assurance and registration decisions. It focuses on the enforcement of property rights on land under private titling and the two existing public titling systems, recording...

Many articles have been written on the art of reviewing appraisal reports by professional real estate appraisers for bank lending and litigation purposes. This article explains why attorneys, Judges, IRS, assessors and other individuals that obtain appraisal reports from third parties should...

This paper extends the existing research on real estate investment trust (REIT) operating efficiencies. We estimate stochastic-frontier, panel-data models specifying a translog cost function. The specified model updates the cost frontier with new information as it becomes available over time....

After a mortgage is originated the borrower promises to make scheduled payments to repay the loan. These payments are sent to the loan servicer, who may be the original lender or some other firm. This firm collects the promised payments and distributes the cash flow (payments) to the appropriate...

Business incubators guide starting enterprises through their growth process and as such constitute a strong instrument to promote innovation and entrepreneurship. In this article we sketch the European business incubator landscape. Then we describe screening practices by European business...

We estimate the cross-sectional dispersion of returns and growth in net operating income (NOI) of apartments, industrial, retail and office properties using panel data for U.S. metropolitan areas over the period 1986 to 2002. Cross-sectional dispersion is a measure of the total volatility faced...

This paper examines whether industry efforts to increase uniformity and improve transparency of a non-GAAP performance measure change manager behavior and market perceptions. We find that the frequency of REITs meeting or beating analysts' expectations of funds from operations (FFO) decreased...