This paper employs a unique dataset to analyse the retail rental levels of 1108 retail tenants in 148 UK regional shopping malls. The dataset integrates information regarding the characteristics of the shopping centre, the individual retailer, the brand, the individual unit occupied, the tenancy...

ERES:conference

Studies of the patterns of risk and returns in commercial property and of the application of portfolio theory in real estate typically have based their analysis on data aggregated by geography and sector. Thus, for example, UK studies seeking to identify ways of structuring a real estate...

ERES:conference

ERES:conference

Swap contracts in financial markets are normally priced assuming (either strong or weak) market efficiency. A recent study by Baum, Lizieri and Marcato [2006] highlighted the importance of inefficiencies for total return swap contracts in real estate markets. After identifying the main...

The London office market is one of the most researched market in the world owing both to size and data availability. Prior work modelling office market rental adjustment was based on only two decades of data that were dominated by less than an incomplete real estate cycle (Hendershott et al, 1999; 2002;...

Efficient markets should guarantee the existence of zero spreads for total return swaps. However, real estate markets have recorded values that are significantly different from zero in both directions. Possible explanations might suggest non-rational behaviour by inexperienced market players or...