In this paper, we re-examine the benefits of holding a portfolio of international real estate securities in the light of evidence of growing co-movement of securitised asset returns across markets. Do diversification benefits depend on how integrated or independent the firms and countries are at...

The broad aim of this research is to develop a better understanding of the capital structure practices and processes of European real estate companies. The emphasis is on internal processes and the firmsí rationale for particular decision making behaviour. By capital structure processes and...

The planned shopping centre or mall has become an important part of contemporary life style. It has been changing patterns of shopping as well as social and recreational activities since its first appearance in 1920s in the US: now malls are found almost everywhere in the world (Brown, 1992; Urban...

This paper presents information on institutional investorsí and investment consultantsí attitudes towards and their performance assumptions for the alternative asset classes, property, and the mainstream markets. It also gives estimates of UK institutional exposures to these asset classes....

This paper analyzes the economic cost of Mean-Variance portfolios that involve asset returns which are smoothed. In this situation, variance and covariance of returns will be understated, resulting in sub-optimal allocation. Certainty equivalent loss (CEL), associated with this ‘smoothed'...

Performance indices for illiquid investments are known to suffer from returns smoothing, and the purpose of this paper is to investigate the presence and nature of such smoothing in the context of venture capital. We find that while the standard techniques may or may not indicate the presence of...

The subject of this paper is the estimation of the Phillips relation ¡V the inflation-output gap tradeoff ¡V for ASEAN countries. Unobserved component (UC) models are employed in order to extract the output gap from GDP data. We also obtain stylised facts on macroeconomic cycles namely, (i)...