Purpose – This paper aims to focus on the performance of private equity real estate funds. Since many institutional investors have special programs to invest with first time managers, or emerging fund managers, it also seeks further evidence on how persistent the performance of real estate...

Purpose – The relationship between ownership structure and firm value has long been of interest in the academic society. The purpose of this paper is to study the relationship between European real estate investment trusts' (REITs) ownership structure and the observed firm value as measured by...

Purpose – This paper aims to identify the relative contribution of sustainability criteria to property value risk. Design/methodology/approach – A discounted cash flow (DCF) model is used to assess the effect of a given set of 42 sustainability sub-indicators on property value. The...

Purpose – This paper aims to investigate the relationships between several macro‐economic indicators and real estate investment in China. Design/methodology/approach – This study proposes the “investment preference theory” to explain that bank deposits, stock investment and real estate...

Purpose – This study aims to compare the risk‐return characteristics and performance of real estate investment trust (REIT) hotel companies (hotel REITs hereafter) with those of C‐corporation hotel companies (hotel C‐corps hereafter). Design/methodology/approach – The risk‐return...

The Revenue Reconciliation Act of 1993, implemented since 1 January 1994, facilitates the increase of institutional investment in the real estate investment trust (REIT) market. Utilizing this particular feature in the market, we examine the time‐series effect of institutional holdings to...

Purpose – The purpose of this paper is to conceptualise a workable strategic asset allocation (SAA) model, given the data paucity problem, and involve an ex ante framework that is distributional free. Design/methodology/approach – The SAA model is developed within a semi‐quantitative and...

Purpose – Studies of UK and US property investment markets have historically portrayed the decision‐making process as an exercise in rational analysis. This notion is fundamentally flawed as the concept of a perfect market has limited applicability to the real world context in which property...