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Beyond Index-Based Hedging: Can Real Estate Trigger a New Breed of Derivatives Market?
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Executive Summary. As index-based real estate derivatives are being introduced in the United States, this paper questions the validity of these instruments for hedging risks involved in commercial real estate markets. It first shows that the concept of index-based derivatives may not be appropriate for intrinsically heterogeneous assets such as real estate. Based on an innovative framework drawn from the field of biomedical sciences, it then proposes the establishment of a radically new breed...
Related newspaper, magazine, and journal articles from HighBeam Research
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Beyond Index-Based Hedging: Can Real Estate Trigger a New Breed of Derivatives Market?
Journal of Real Estate Portfolio Management
; ... g., Lander and Green, 1987) are employed to construct genetic maps (Hodge, 2001; Rice, Saccone, and Suarez, 2000; and Tang and Siegmund ... E. and P. Green. Construction of Multi-locus Genetic Linkage Maps in Humans. Proceedings of the National Academy of Sciences USA ...
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Real estate exposure and asset intensity
Journal of Real Estate Portfolio Management
; Executive Summary. Real estate accounts for a signif icant proportion of the corporate assets of publicly listed companies. The real estate exposure of publicly traded companies in land scare economies such as Hong Kong and Singapore is particularly high. This study explores the real estate
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Returns and risk on real estate and other investments: More evidence
Journal of Real Estate Portfolio Management
; Executive Summary. This study reviews the most recent findings on real estate returns, and organizes the reviews into five categories: (1) risk and returns; (2) diversification and portfolio optimization benefits; (3) returns on real estate versus other investments; (4) REITs; and (5) inflation and
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Corporate real estate management in the retail sector: Investigation of current strategy and structure
The Journal of Real Estate Research
; Abstract Retail organizations are often cited as being at the forefront of corporate real estate management. This research found that the retail sector is characterized by diversity both in terms of the degree to which organizations are vertically integrated and in terms of the range of modes of
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Does real estate have a place in the investment portfolio of tomorrow?
Review of Business
; Introduction With the Dow Jones breaking record after record, why invest in anything other than stocks? It seems that holding a portfolio composed solely of stocks would be a wise thing to do. But would it? Investors hold a portfolio for diversification benefits, which reduces the risk associated
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The role of commercial real estate in a multi-asset portfolio. (Asset Management)
Journal of Property Management
; ... reported returns (including appraisal-based ones) have been affected by the lack of liquidity in real estate markets. The good news may be that we now have a more realistic picture of real estate risk and return relative to other assets. By including the more ...
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Corporate real estate management during the transition in Russia*
Journal for East European Management Studies
; The article reviews corporate real estate management problems during the transitional period of the Russian society between 1991 and the present time. There are interconnected processes of forming and developing the market legislative base for a real estate market, corporative structures, and real
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Higher real estate risk and mixed-asset portfolio performance
Journal of Real Estate Portfolio Management
; ... problematic since it is based on proxies for real estate returns (e.g., the home purchase component of the CPI, the Engineering News Record building cost index and USDA reports of farm prices per acre), not returns from actual real estate portfolios. This study ...
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International Evidence on Real Estate as a Portfolio Diversifier
The Journal of Real Estate Research
; Abstract This paper provides an international comparison of the benefits of including real estate assets in mixed-asset portfolios. Real estate returns are desmoothed using a variant of the Geltner (1993) approach, and Bayes-Stein estimators are used to increase the stability of portfolio weight
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The role of real estate in the portfolio application process.
Real Estate Economics
; The majority of studies that explore the role of real estate in a portfolio context either attempt to identify the optimal allocation of real estate in a mixed asset portfolio, hereafter known as the macro-approach, or focus on property diversification within a real estate portfolio, the
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