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The valuation of iIlliquid assets : a focus on private equity and real estate
Gibson, Rajna; Hoesli, Martin; Shan, Jiajun - 2022
This paper reviews methods that can be used to value illiquid investments, with a particular focus on private equity and real estate. We discuss the traditional valuation methods, in particular the net present value (NPV) rule, and show in what circumstances these can lead to suboptimal...
Persistent link: https://www.econbiz.de/10013168778
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Risk factors of European non-listed real estate fund returns
Delfim, Jean-Christophe; Hoesli, Martin - 2016
This research contributes to a better assessment of risk factors impacting non-listed real estate fund returns. Both … macroeconomic risk factors although our analyses suggest that non-listed real estate is more akin to direct real estate than it is …
Persistent link: https://www.econbiz.de/10011514250
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Predicting Commercial Real Estate Yields : A Note on Institutional and Cultural Factors as Measures of Risk
Baraz, Daniel - 2009
This paper aims at providing both a conceptual and practical framework for assessing real estate risk factors as a way … of predicting real estate yields. Real estate returns - as those of any financial asset - are linked to their risk …. However, real estate risk is much more difficult to measure than the risk of other, more liquid, financial assets. We assess …
Persistent link: https://www.econbiz.de/10013160417
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Behavioural real estate
Salzman, Diego; Zwinkels, Remco C. J. - 2013
Persistent link: https://www.econbiz.de/10009784944
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Behavioural Real Estate
Salzman, Diego A. - 2016
All over the world there is a strong infatuation towards real estate. Nevertheless there seems to be a (sub)conscious omission in incorporating this stylised fact into the academic literature. The decision of buying residential property may be one of the most important transaction people will...
Persistent link: https://www.econbiz.de/10013007404
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Diversification Potential in Real Estate Portfolios
Candelon, Bertrand; Fuerst, Franz; Hasse, Jean-Baptiste - 2021
In this paper, we study the international and sectoral diversification potential in realestate portfolios. Building on a unique dataset of direct real estate markets covering 16 OECDcountries over the 1999-2018 period, we introduce a statistical test to compare country-leveland sector-level...
Persistent link: https://www.econbiz.de/10013231660
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Real and private-value assets
Goetzmann, William N.; Spaenjers, Christophe; … - 2021
Real and private-value assets—defined here as the sum of real estate, infrastructure, collectibles, and noncorporate business equity—compose an investment class worth an estimated $84 trillion in the U.S. alone. Furthermore, private values can affect pricing in many other financial markets,...
Persistent link: https://www.econbiz.de/10012523319
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Are public and private asset returns and risks the same? : evidence from real estate data
Hoesli, Martin; Oikarinen, Elias - 2013
This article aims to investigate the similarity of public and private real estate returns and risks over the relatively long horizon using data for the U.S and the U.K. The results show evidence of a one-to-one relationship between publicly traded REIT performance and privately traded direct...
Persistent link: https://www.econbiz.de/10010256953
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Real Estate and Real Estate Finance as a Research Field – An International Overview
Breuer, Wolfgang - 2011
investment until the midst 1990s. In order to derive reliable risk-return relations for real estate investment, (4) asset pricing …
Persistent link: https://www.econbiz.de/10013128962
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The rate of return on real estate : long-run micro-level evidence
Chambers, David; Spaenjers, Christophe; Steiner, Eva - 2019
Real estate—housing in particular—is a less profitable investment in the long run than previously thought. We hand-collect property-level financial data for the institutional real estate portfolios of four large Oxbridge colleges over the period 1901–1983. Gross income yields initially...
Persistent link: https://www.econbiz.de/10012259620