Gaston Michel investigates whether shocks to real estate markets constitute an important source of the risk that is … priced in the cross section of equity returns. His results document that real estate risk explains a large part of the cross … pricing story: higher asset returns must be associated with lower prices and higher risk exposure. In particular, he …

the first application of stable distributions to real estate portfolio returns provides evidence that diversification … presence of tail parameters being close to normal, the return risk may still be tremendous, and can only be reduced by … diversification effects in property portfolios, and only to a certain time-dependent extent. The results have strong implications for …

exists differ substantially. This article compares risk and returns for regular and lump-sum investors for all possible … risk of negative returns disappears for horizons that are six years shorter. Increasing contributions deteriorate risk and …