Accurate risk assessment is crucial for predicting potential financial losses. This paper introduces an innovative approach by employing expected risk models that utilize risk samples to capture comprehensive risk characteristics. The innovation lies in the integration of classical credibility...

The Finnish commercial property market internationalised rapidly in the beginning of the 21st century. According to the portfolio theory and previous research on international property investments, the main motivation factor driving international real estate investments is the possibility to...

The Finnish commercial property market internationalised rapidly in the beginning of the 21^st century. According to the portfolio theory and previous research on international property investments, the main motivation factor driving international real estate investments is the possibility to...

Mounting evidence from the literature points to the existence of covariance asymmetry for financial assets. That is, conditional volatility and correlation of financial returns tend to rise more after negative return shocks than after positive ones of the same size. This paper extends the...

Pension funds aim to hold assets that match their future liabilities. For this purpose, there is a growing interest in multi-family properties as their returns should be positively related to wage growth and hence pension liabilities. Using data for Sweden over 145 years, we investigate the role...