We dissect the performance of private equity (PE) investors in commercial real estate. We observe acquisitions, dispositions, and granular performance data for several thousand U.S. hotels. Investments by PEs specializing in the hospitality industry lead to more substantial operating efficiency...

Real and private-value assets—defined here as the sum of real estate, infrastructure, collectibles, and noncorporate business equity—compose an investment class worth an estimated $84 trillion in the U.S. alone. Furthermore, private values can affect pricing in many other financial markets,...

Real and private-value assets--defined here as the sum of real estate, infrastructure, collectibles, and non-corporate business equity--is an investment class worth an estimated $85 trillion in the U.S. alone. Furthermore, private values can affect pricing in many other financial markets, such...

When-issued trading concerns transactions in securities that have not yet been issued. This paper investigates the Dutch ldquo;grey marketrdquo; for when-issued shares prior to stock splits, using a unique hand-collected data set. Market makers are more likely to set up a when-issued market when...

Real estate—housing in particular—is a less profitable investment in the long run than previously thought. We hand-collect property-level financial data for the institutional real estate portfolios of four large Oxbridge colleges over the period 1901–1983. Gross income yields initially...