The Benefits of Public and Private Real Estate

There is extant literature showing that private real estate has a major part to play in the mixed-asset portfolio. There is also a good deal of evidence showing that Real Estate Investment Trusts (REITs) make a substantial contribution to the mixed-asset portfolio.

Updated: 24/10/2011
Comments:
Views: 5,694

An economic geography of real estate investment in England and Wales

Author(s):

Stephen Lee

 et al.

There has been something of a debate about the thinking that prescribes the decisions to develop or invest in real estate in particular locations in the UK, and how this has continued to dictate the location of such investment.

Updated: 27/11/2014
Comments: 29
Views: 7,204

Modeling housing market fundamentals: empirical evidence of extreme market conditions

Author(s):

Simon Steveson

Topic:
Finance
Industry:
Real Estate

This article examines the issues encountered in the modeling of market fundamentals during a period of extreme price behavior. The study analyzes the price behavior of the residential property market in Ireland using a number of alternative methodological approaches in the estimation of fundamental market value. Limitations in conventional models such as an inverted demand model are highlighted, in particular, with regard to diagnostic concerns and the static nature of the model. The use of an error correction framework provides more consistent and robust findings. The analysis does appear to indicate that a substantial premium over fundamental values developed in the Irish market during the late 1990s, reaching a peak in 1999 and 2000. However, in recent years, prices have largely been in line with fundamentals.

Updated: 27/10/2011
Comments:
Views: 5,332

Kurtosis and consequences - the case of international property shares

Author(s):

Simon Steveson

Topic:
Finance
Industry:
Real Estate

This paper analyzes the tail behavior of property stocks within an international context. Our results highlight the non-normality of property share returns for all of the major markets included in our sample.

Updated: 27/10/2011
Comments:
Views: 5,235

Modeling long memory in REITs

Author(s):

Simon Steveson

Topic:
Finance
Industry:
Real Estate

This article examines long memory for alternative risk measures, observed absolute and squared returns for Daily Equity real estate investment trust (REITs) and compares the findings for a market equity index.

Updated: 27/10/2011
Comments:
Views: 5,070

Uncovering volatility dynamics in daily reit returns

Author(s):

Simon Steveson

Topic:
Finance
Industry:
Real Estate

Using a time-varying approach, this paper examines the dynamics of volatility in the REIT sector. The results highlight the attractiveness and suitability of using GARCH based approaches in the modeling of daily REIT volatility. The paper examines the influencing factors on REIT volatility, documenting the return and volatility linkages between REIT sub-sectors and also examines the influence of other US equity series. The results contrast with previous studies of monthly REIT volatility. Linkages within the REIT sector and with related sectors such as value stocks are diminished, while the general influence of market sentiment, coming through the large cap indices is enhanced. This would indicate that on a daily basis general market sentiment plays a more fundamental role than more intuitive relationships within the capital markets.

Updated: 29/09/2011
Comments:
Views: 5,987

Why do companies lease their real estate assets?

Author(s):

Meziane Lasfer

Topic:
Finance
Industry:
Real Estate

This paper contrasts the costs and benefits of leasing, rather than owning, real estate assets.

Updated: 22/09/2011
Comments:
Views: 7,057

Diversification benefits of real estate investment trusts in Dubai

Author(s):

Danny DiNardo

 et al.
Topic:
Finance
Industry:
Real Estate

This paper examines whether unleveraged REITs in Dubai help optimize the risk/return characteristics of a mixed asset portfolio.

Updated: 22/09/2011
Comments:
Views: 6,943

Current fields of research in real estate

Author(s):

Simon Steveson

Topic:
Finance
Industry:
Real Estate

Simon Stevenson, Professor of Finance and head of real estate courses at the Cass Business School, is heavily engaged in real estate research. Professor Simon Stevenson a Cass Expert, is interviewed by Ben Sawtell from Cass Press Office. Included is the transcript and a summary of the key points.

Updated: 30/09/2011
Comments:
Views: 16,608