Purpose – The purpose of this paper is to provide conclusive evidence that infrastructure constitutes a separate asset class and cannot be classified as real estate from an investment point‐of‐view. Furthermore, optimal allocations are determined for direct and indirect infrastructure...

Purpose – This paper aims to increase the awareness of developing countries' corporations and academics concerning the significant importance of CRE holdings in corporate asset portfolios. It seeks to demonstrate how corporate real estate management can be employed by organisations in...

Purpose – The purpose of this paper is to investigate the risk appetite in Hong Kong real estate and property security markets in the recent episode of global financial crisis. Design/methodology/approach – An advanced methodology developed from the previous risk appetite measurement and...

Purpose – The purpose of this paper is to compare the risk and return characteristics as well as the allocation of mean‐variance (MV) and downside risk (DR) optimized portfolios of international real estate stock markets and to discuss implications for portfolio management....

Purpose – The US real estate investment trust (REIT) market experienced a structural change in the early 1990s. This paper aims to examine the following two issues: is the equity REIT market movement positively linked with the stock market movement in the long‐run? If so, how does the...

Purpose – The purpose of this paper is to observe the decision‐making behavior of real estate investors, both novice and experts. In doing so, the study looks at the information content of the decision‐making process of these players involved in real estate investments....

Purpose – This paper aims to test the robustness of the trend and volatility estimations for two indices: the classical Weighted Repeat Sales and a PCA factorial index. The estimations are computed from a dataset of Paris commercial properties. Design/methodology/approach – First, two...

Purpose – The valuation of property companies and fair value accounting for investment properties under IFRS are closely affiliated with each other. This is because property companies are commonly valued using net asset value as a valuation technique. The term net asset value represents the...

Purpose – The purpose of this paper is to identify possible reasons for insurance companies' scant interest in real estate as investment asset in Poland. The authors attempt to determine the impact of real estate investment on insurance companies' profitability. Design/methodology/approach –...

Purpose – The purpose of this paper is to compare banks specialised on real estate lending with the overall market in order to the test if they are more or less exposed to liquidity risk. Design/methodology/approach – Following the approach proposed by the Basel Committee in order to...