Evaluating the Diversification Effects of Direct Real Estate Within a Multi Asset Portfolio of Share and Bonds PDF Download

Author: Vijay Singh
Publisher:
ISBN:
Category : Investments
Languages : en
Pages : 400

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Author: Elaine M. Worzala
Publisher:
ISBN:
Category :
Languages : en
Pages : 452

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Author: Kim Hin David Ho
Publisher: Partridge Publishing Singapore
ISBN: 1543767672
Category : Business & Economics
Languages : en
Pages : 354

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Book Description
Chapter 1 examines the significance of ‘green’ buildings on the operational and financial performance of REITs. The Chapter covers different direct real estate sectors, namely office, retail and residential, for the REITS concerned to evaluate the consistency of the results. Chapter 2 looks at the risk neutral and non-risk neutral pricing of real estate investment trusts in Singapore (S-REITs), via comparing the average of the individual ratios (of deviation between expected and observed closing price/observed closing price), with the ratio (of standard deviation/mean) for closing prices, via the binomial options pricing tree model. Chapter3 highlights that while the Markowitz portfolio theory (MPT) is popular in modern finance to model portfolios with maximum total returns (TRs) for a given systematic risk, the more flexible multivariate copula model is introduced that enables investors and portfolio managers to obtain the optimal portfolio. Chapter 4 looks at a value investing framework, in which a REIT and real estate comany investment operation is deemed to be one, where a “thorough analysis”, should promise the safety of a principal and an adequate total return. Chapter 5 examines the market reactions of Malaysia’s listed property trusts and property common stocks to corporate restructuring activities – direct real estate asset acquisitions and new listings. Chapter 6 reports the Monetary Authority of Singapore (MAS) consultations with the Inland Revenue Authority of Singapore (IRAS) and the Ministry of Finance (MOF), to introduce the Income Tax Act (ITA) amendments, and a new temporary relief measure for real estate investment trusts (REITs) in Singapore. The Chapter also looks at the proposal by the Asian Public Real Estate Association (APREA) to the MAS, to create a private REIT structure Chapter 7 looks at the key issues and notes on the valuation of the public real estate investment trusts (REITs) and the real estate companies, adopting several valuation metrics to value REITs on a stand-alone and a relative basis. Chapter 8 looks at the unique Asian REIT institutional environment, pertaining to the S-REIT, while cross referencing it to that of the CapitaMall Trust (S-CMT) and the Hong Kong HK- Link REIT. Chapter 9 summarises the book’s findings and highlights the contributions and recommendations made.

Author: Graeme Newell
Publisher: John Wiley & Sons
ISBN: 9781444315318
Category : Business & Economics
Languages : en
Pages : 312

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Book Description
To operate effectively in today’s dynamic global real estatemarkets, it is essential to understand the complex processes thatunderpin them. This up-to-date work, which brings togethercontributions from industry and academic experts from around theworld, is a valuable corollary to effective investmentdecision-making within the property sector and will be of interestto post-graduate property students, researchers and practising realestate investors. Recent years have seen some rapid developments in the globalscale and structure of real estate markets. Such transformationshave been paralleled by significant changes in the financialstructures, and processes that serve these markets, includingsophisticated new investment and finance structures and products.Examples of these include the real estate investment trusts (REIT)products that have been developed in USA, Europe and Asia, therange of unlisted products emerging in UK and Europe, and theinnovative financing structures being developed in manycountries. Global Trends in Real Estate Finance addresses thisemerging complexity and sophistication in contemporary real estatemarkets by discussing the history, merits and implications of arange of products and processes. Also examined are the changes inthe practices and environment needed to ensure the success of theseproperty products, including increased disclosure, corporategovernance, market transparency and improved skills base. Chapters are written by leading international contributors, bothacademic and practitioner. The context is explicitly international,with a focus on UK, Europe, Asia, Australia and the USA. The aim isto identify specific market areas to describe the key innovations,rather than simply providing a description of various geographicalmarkets.

Author: A. Carretta
Publisher: Springer
ISBN: 0230594816
Category : Business & Economics
Languages : en
Pages : 299

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In a financial revolution, new determinants of performance arise and interest in the way performance is measured and communicated to stakeholders grows. This book presents a wide and accurate analysis of the impact that regulation, structural changes and new financial products have on the performance of markets and intermediaries.

Author: Shaun A. Bond
Publisher:
ISBN:
Category :
Languages : en
Pages : 41

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Book Description
This work analyzes the performance and diversification characteristics of European public real estate markets. There are three overall findings and one key observation. First, real estate has added significantly to overall portfolio outcomes in terms of increasing return and decreasing risk. Second, as found by others, real estate is a low beta investment and performs well during periods of market change - it was especially useful during the general market adjustment in 2000. Third, European real estate has performed very strongly since the 2000 stock market decline. Finally, our assessment of why there is not more real estate in institutional portfolios requires an answer beyond examining just risk and return measures. This report will show that public real estate markets have provided strong performance for investors and warrant consideration for inclusion in institutional portfolios. Given these desirable characteristic it is likely that other features of the sector may have impacted on desired asset allocation (e.g liquidity, small market capitalisations, etc). Hence, the question of why institutions do not hold more real estate, is not about the attributes of return and risk per se, but about its legal form of ownership and the lack of market depth in terms of trading.

Author: Arthur L. Schwartz Jr.
Publisher: Springer Science & Business Media
ISBN: 9400903677
Category : Business & Economics
Languages : en
Pages : 206

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Book Description
Arthur L. Schwartz, Jr. and Steven D. Kapplin The focus of this volume of the ARES Monograph Series is new ideas in real estate investment. Within this volume, empiricial studies, literature reviews, and tutorials examine a broad range of important investment issues. Many new and innovative ideas are presented. This volume should be a rich source of real estate investment ideas for many years to come. Kapplin and Schwartz examine the returns of two types of REITs, as well as that of Master Limited Partnerships (MLP), over the 1987-1989 time period. Their sample consisted of 54 real estate securities; they conclude that these entities did not provide an effective inflation hedge. MLP returns exceeded that of the overall stock market, but the two REIT types did not provide rates-of-return in excess of the marked. An extensive review of the commercial real estate return literature is presented by Fletcher. He focuses upon studies that utilize commingled real estate fund (CREF) data. His detailed overview of the subject provides a much needed synthesis of the current literature. Roulac presents an extensive discussion of the differences in the per spectives of individual versus institutional investors. In his essay, he considers such factors as scale, diversification, and related issues. Addi tionally, he examines a wide range of literature from within academia, 1 INTRODUCTION 2 as well as the opinions of various real estate gurus. He concludes that behavioral factors override economic considerations.

Author: Piyush Tiwari
Publisher: John Wiley & Sons
ISBN: 1118836626
Category : Business & Economics
Languages : en
Pages : 288

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Book Description
The financial deregulation of the last quarter century has meantlarge flows of funds around the world seeking the highestrisk-adjusted return for investors. Real estate is now establishedas an important asset class and advances in information technologyprovide the necessary tools to complement global developments inreal estate finance and investment. A variety of investment vehicles have emerged, andReal EstateFinance in the New Economy examines these along withfinancing and risk in the context of globalization, deregulationand an increasingly integrated international world economy byexploring questions like: How have real estate financial structures evolved as economiesgrow and become internationalised? What role do economic change and financial systems play in thedevelopment of real estate investment? Are the risks associated with the ‘new economy’really new? What is the future direction for real estate financing? The authors develop an economic framework for discussions onindividual financial products to examine how real estate financialstructures change with economic growth and internationalisation andalso to show how developments in real estate finance impacteconomic growth.

Author: Innocent Musonda
Publisher: CRC Press
ISBN: 1000883310
Category : Technology & Engineering
Languages : en
Pages : 355

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Book Description
Building Smart, Resilient and Sustainable Infrastructure in Developing Countries contains the papers presented at the International Conference on Development and Investment in Infrastructure (DII-2022). The contributions cover a wide range of topics related to infrastructure issues on the African continent: Sustainable Infrastructure Development Smart Infrastructure and Cities Quality and Resilient Infrastructure Education, Empowerment, Gender Equity, Wellness and Development Environmental and Waste Management/Facilities & Real-Estate Management Infrastructure, Investment and Finance- Trends and Forecasts Infrastructure: Shock Events, Procurement, Project Management, Health & Safety Infrastructure: Economic, Social/Environmental Sustainability Digital Innovation and transition in the built environment Building Smart, Resilient and Sustainable Infrastructure in Developing Countries evaluates innovations, empowerment, growth and sustainable development of infrastructure development in Africa, and aims at administrators, academics, and professionals.

Author: Ramón Sotelo
Publisher: Springer Science & Business Media
ISBN: 3642368565
Category : Business & Economics
Languages : en
Pages : 242

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Book Description
Shortly before of the beginning of the global financial crisis of 2008 REITs were introduced in several European countries based on their success in mature markets like the US, Australia and some Asian countries. While the history of REITs in Europe has been relatively brief, REITs are well on the way to become an industry standard as a real estate investment financial vehicle not only in Europe but throughout the developed world. This book provides both academics and decision makers an introduction to the economics of REITs beyond tax transparency, an overview of the mature REITs markets, and a closer reflection of the development of different REIT-structures in Europe including the history, regulation and markets of each country.