This paper uses the concepts of beta-convergence and sigma-convergence and to evaluate empirically the hypothesis of rent and yield convergence in seven European office markets during the period 1984-2009. Because of the introduction of a single currency in January 1999, the analysis is carried...

"This paper re-examines whether it is more advantageous in terms of risk reduction to diversify by sector or region by comparing the performance of the """"conventional"""" regional classification of the UK with one based on modern socio-economic criteria using a much larger real estate data set...

Investing in real estate markets overseas means venturing into the unknown, where you meet unfamiliar political and economic environments, unstable currencies, strange cultures and languages, and so although the advantages of international diversification might appear attractive, the risks of...

ERES:conference

Italian real estate has become an increasingly popular investment class due to its relatively good returns and low risk compared to shares and bonds. In particular, real estate funds in Italy have shown enormous growth over the past few years, however, little is known about their performance....

There is extant literature using showing that private real estate has a major part to play in the mixed-asset portfolio. There is also a good deal of evidence showing that Real Estate Investment Trusts (REITs) makes a substantial contribution to the mixed-asset portfolio. But only two studies...

The benefits of sector and regional diversification have been well documented in the literature but have not previously been investigated in Italy. Using annual data from 1989 to 2003 we decompose property returns into a national effect three sector specific-effects and four economic regional...

Geographic diversity is a fundamental tenet in portfolio management. Yet there is evidence from the US that institutional investors prefer to concentrate their real estate investments in favoured and specific areas as primary locations for the properties that occupy their portfolios. This paper...

This study provides the first evidence on the magnitude of the difference between returns to UK property investors and the returns achieved by the property assets, i.e. the performance gap. Using historical return data for 45 market-segments over the time period 1981-2009 this paper shows that...

Initial Public Offerings (IPOs) of equity securities often exhibit under-pricing; i.e. common stock values tend to rise significantly from the offer price on the first day of trading. The evidence for Real Estate Investment Trust (REIT) IPOs is less consistent. However, most studies are...