Liquidity is the ability of a bank to collect money necessary for financing assets and meet obligations as they come due, without incurring unsustainable losses; the maturity transformation of short-term deposits into long-term loans makes banks inherently vulnerable to liquidity risk (Basel...

Literature and regulation on financial intermediaries consider real estate loans being credit risk mitigated exposures due to the role played by the collateral. The effectiveness of the mitigation stemming from the real estate collateral depends on the recovery value the intermediary can expect...

The increasing role of retail investors in the real estate vehicle market makes necessary to study simple return/risk measures that could be easily understood also by not financial skilled investors. Measures frequently used in the asset management industry are the Risk Adjusted Performance...

The volatility of tenant periodical cash flows produced by investment property can dramatically affect the expected return as estimated ex-ante, especially in recession times. Therefore tenant risk is a crucial factor for real estate investorsí strategies and asset allocation choices. The paper...

Real estate industry is a fast growing reality in all European Countries and during the last years also Italian market shows a significant increase in the number of real estate funds available not only for institutional investors. The increasing role of retail investors in the industry makes...

The performance of real estate funds is mainly influenced by the inflows and outflows during the life of the fund and by the value changes of the real estate properties (Cervone, 2006). Following international standards (CFA Institute, 2009; IPD, 2008), the overall performance of the real estate...

Studies about hotel real estate market consider, prevalently, investment characteristics, managerial problems and macro-economics trends. Articles about real estate investment vehicles are scarce and generally concerning Anglo-Saxon countries. Authors stress the differences in the performance...

Il mercato immobiliare europeo è cresciuto significativamente negli ultimi anni e la realtà italiana ha dimostrato una crescita dei prodotti disponibili sia per la clientela retail che istituzionale. La grande diffusione presso il pubblico ha evidenziato l’opportunità di definire delle...

Purpose – In real estate industry, managers' choices in portfolio construction impact directly on the performance of real estate fund. Looking at the literature, real estate diversification criteria are related to tenants' characteristics, to endogenous and exogenous risk and to financial...

Purpose – The purpose of this paper is to define an approach useful to evaluate real estate funds on the specific characteristics of the Italian market and on the basis of international best practices. Design/methodology/approach – The first step is to identify specific factors and portfolio...