This study examines the liability hedging characteristics of both direct and indirect real estate, in the advent of fair value accounting obligations for pension funds. We explicitly model pension obligations as being subject to interest and inflation risk to analyze the ability of real estate...

This study examines the liability hedging characteristics of both direct and indirect real estate with the advent of fair value accounting obligations for pension funds. We explicitly model pension obligations as being subject to interest and inflation risk to analyze the ability of real estate...

This study explores real estate allocation in the investment portfolio decision from the position of an institutional investor, specifically a pension fund. We apply Sharpe and Tintís (1990) investment framework with an explicit link between investment opportunities and pension-plan...