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Real Estate Betas and the Implications for Asset Allocation

2018
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Release : 2018
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Book Synopsis Real Estate Betas and the Implications for Asset Allocation by : Peter Mladina

Download or read book Real Estate Betas and the Implications for Asset Allocation written by Peter Mladina. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: Real estate is an important asset class, but what specifically does real estate contribute to improve diversified stock-bond portfolios? The author decomposes real estate investment trust returns into their factor betas to show that real estate is a hybrid asset class, with returns explained by a rich mix of compensated risk factors plus uncompensated sector risk. He shows that the same is true for private real estate, but with the additional contribution to risk from misappraisals. It is the rich mix of common factors contained in real estate that can improve the Sharpe ratios of diversified, multiasset portfolios. He discusses the implications for asset allocation from the perspectives of mean-variance optimization of asset classes, the capital asset pricing model with efficient markets, and factor-based asset allocation.

Real Estate Within the Asset Allocation Mix

2009-09 Business & Economics
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Release : 2009-09
Genre : Business & Economics
Kind : eBook
Book Rating : 859/5 ( reviews)

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Book Synopsis Real Estate Within the Asset Allocation Mix by : Waldemar Maurer

Download or read book Real Estate Within the Asset Allocation Mix written by Waldemar Maurer. This book was released on 2009-09. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2007 in the subject Business economics - Miscellaneous, grade: 1,3, European Business School - International University Schlo Reichartshausen Oestrich-Winkel, language: English, abstract: Constructing smart portfolios is the key goal of every investor regardless of the risk aversion. Accessible investments for investors are for instance stocks, bonds, treasury bills, and real estate. According to Seiler, Webb, and Myer (1999, p. 163) "real estate asset management has been and will continue to be a topic of great interest". In the year 1971 U.S. public real estate had a total market capitalization of US$1.4bn, while in 2006 public real estate had a market capitalization of US$438bn (National Association of Real Estate Investment Trusts NAREIT], 2007, p. 1). The U.S. private real estate index has more than tripled from US$84bn in market value in the first quarter of 2001 to US$266m in the first quarter of 2007 (National Council of Real Estate Investment Fiduciaries NCREIF],2007, p. 1. It is obvious that the real estate market has been growing incredibly and real estate has became more and more important as an investment opportunity. However, all available data on ownership of real estate show that pension funds hold 3.5% to 4.0% of their total assets in real estate (Chiochetti, SA-AADU, & Shilling, 1999, p. 193). Optimal allocation seems to be a problem. Another point is that some degree of diversification can be achieved without real estate. So why should investors hold real estate in their portfolios? Does real estate outperform stock and bond returns? What risks are linked with real estate investments? The aim of this paper is to provide the reader with a deep insight into the real estate investment discussion and to present the advantages and disadvantages of real estate in a mixed-asset portfolio. In a nutshell, at the end of this paper the reader should be able to decide, whether real estate investment is justifiable or not.

The Endowment Model of Investing

2010-02-25 Business & Economics
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Release : 2010-02-25
Genre : Business & Economics
Kind : eBook
Book Rating : 420/5 ( reviews)

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Book Synopsis The Endowment Model of Investing by : Martin L. Leibowitz

Download or read book The Endowment Model of Investing written by Martin L. Leibowitz. This book was released on 2010-02-25. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge look at the endowment model of investing Many larger endowments and foundations have adopted a broadly diversified asset allocation strategy with only a small amount of traditional U.S. equities and bonds. This technique, known as the "endowment model of investing," has demonstrated consistent long-term performance and attracted the attention of numerous institutional and individual investors. With The Endowment Model of Investing Leibowitz, Bova, and Hammond take a closer look at the endowment model with customary research sophistication and attention to detail. Throughout the book, they examine how the model provides truly outstanding real returns, while keeping a close eye on the risks associated with this method of investing. Along the way, the authors offer practical advice on incorporating the endowment model into your own investment endeavors and reveal what it takes to make this method work in the real world. Details the growing debate about the endowment model of investing and discusses how to use it successfully Written by an authority on endowment investing and non-traditional asset allocation strategies Offers expert insights on understanding risk and return in non traditional asset allocation If you want to gain a better grasp of one of the most successful forms of investing, then The Endowment Model of Investing is a book you need to read.

Global Real Estate Capital Markets

2024-07-16 Business & Economics
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Release : 2024-07-16
Genre : Business & Economics
Kind : eBook
Book Rating : 938/5 ( reviews)

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Book Synopsis Global Real Estate Capital Markets by : Alex Moss

Download or read book Global Real Estate Capital Markets written by Alex Moss. This book was released on 2024-07-16. Available in PDF, EPUB and Kindle. Book excerpt: This book unravels the complex mechanisms involved in global real estate capital markets, enabling the reader to understand how they have grown and evolved, how they function, what determines market pricing, and how the public and private debt and equity markets are linked to each other. Using their extensive professional experience, the authors combine a structured, rigorous understanding of the theory and academic evidence behind the main concepts with practical examples, applications, case studies, quizzes and online resources. The book will enable readers to understand for example: · Why share prices of real estate companies can differ dramatically from the underlying value of the assets · The differing investment objectives of different categories of investor and how this influences share prices and corporate funding decisions · How sell-side analysts make their recommendations · How buy-side analysts decide which sectors, funds and stocks to allocate capital to · And how ESG considerations are relevant to capital market pricing. The book is designed not just for advanced real estate students, but also for global finance courses, Executive Education short courses and as a primer for new entrants to the sector. It is key reading for the following groups: · Property professionals working for a listed company wanting to understand the relationship between their underlying business and the stock market valuation · Real Estate Private Equity teams looking to understand the valuation disconnect between public and private markets and arbitrage the Parallel Asset Pricing model · Equity/Multi asset/Property analysts/fund managers who need to understand the specific characteristics of real estate vs the other ten equity sectors and understand when to increase and decrease sector weightings. Online materials for this book can be found on the Routledge Resource website at https://resourcecentre.routledge.com/books/9781032288017.

The Effect of Real Estate Investment on Asset Allocation of Risky Assets for Individuals

2005 Asset allocation
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Release : 2005
Genre : Asset allocation
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Book Synopsis The Effect of Real Estate Investment on Asset Allocation of Risky Assets for Individuals by : Chi-chung Eddie Tang

Download or read book The Effect of Real Estate Investment on Asset Allocation of Risky Assets for Individuals written by Chi-chung Eddie Tang. This book was released on 2005. Available in PDF, EPUB and Kindle. Book excerpt:

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