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  • 1
    Electronic Resource
    Electronic Resource
    An international analysis of real estate journals (2002)
    Bradford, West Yorkshire [u.a.] : Emerald
    Journal of property investment & finance 20 (2002), S. 454-472 
    Details
    ISSN: 1463-578X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: The leading real estate journals in the USA, UK, Asia and Australia are analysed over 1991-2000 to assess the impact of international real estate research in these journals. It is found that the focus on international real estate has expanded considerably in recent years, with this focus more evident in the leading UK real estate journals rather than the leading USA real estate journals. Reasons for this difference between the USA and UK real estate journals are identified. Issues relating to international authorship are assessed, with the leading international authors and universities identified.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/14635780210446478
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  • 2
    Electronic Resource
    Electronic Resource
    DIVERSIFICATION GAINS FROM INCLUDING REAL ESTATE IN MIXED-ASSET PORTFOLIOS (1988)
    Oxford, UK : Blackwell Publishing Ltd
    Decision sciences 19 (1988), S. 0 
    Details
    ISSN: 1540-5915
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Diversification gains in mean-variance efficiency derived from including real estate in financial asset portfolios are examined. Optimal financial and mixed-asset portfolios were generated by selecting from an investment universe including several distinct financial and real estate media. Deficiencies of previous studies were overcome by employing data with improved representativeness and comparability. The efficient mixed-asset portfolios dominated the efficient financial asset portfolios implying that purely financial asset diversification is inefficient. The optimal mixed-asset portfolio prescribed that approximately two-thirds of the investment wealth be allocated to real estate and one-third to the financial media.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1540-5915.1988.tb00278.x
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  • 3
    Electronic Resource
    Electronic Resource
    Real Estate Taxation and Commercial Mortgage Underwriting (1992)
    Oxford, UK : Blackwell Publishing Ltd
    Decision sciences 23 (1992), S. 0 
    Details
    ISSN: 1540-5915
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Recent disclosures about problem commercial real estate loans have exposed the underwriting process to intense scrutiny. This study focuses on mortgage loan underwriters of life insurance companies. After a review of the tax changes that affected commercial real estate from 1969 through 1988, the study tests how loan underwriters reacted to changes in tax benefits. To overcome the interdependent effects of interest rates and capitalization rates, a variation of the Black-Scholes pricing model is used to test the impact of changes in tax benefits. The results indicate that the underwriters do not fully incorporate the value of tax benefits in the underwriting decision. During the period of the largest tax benefits, 1982 to 1986, underwriters became more conservative and increased their equity requirements.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1540-5915.1992.tb00441.x
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  • 4
    Electronic Resource
    Electronic Resource
    Twenty Years of the NCREIF Property Index (2001)
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    Real estate economics 29 (2001), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study overviews the performance of the NCREIF Property Index, by property type, over the twenty-year period ended in 1998. More exactly, performance is analyzed from the perspective of the fundamental sources of return: initial earnings yield, dividend payout ratios, earnings growth, shifts in capitalization rates and other (less significant) effects. (While this approach is here applied to private real estate equities, nothing precludes its application to a variety of other investment classes.) Our results indicate the fundamental sources that have contributed to the Index’s considerable cross-sectional variation as well as its time-series variation. Therefore, this study should be viewed as a useful historical account for those interested in understanding the ex post return-generating process of the Index and its property-type components as well as those who wish to model the ex ante return-generating process for a variety of applications in both the equity and debt markets—regardless of whether the securities are publicly or privately traded.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1080-8620.00001
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  • 5
    Electronic Resource
    Electronic Resource
    Sell-Offs of U.S. Real Estate: The Effect of Domestic versus Foreign Buyers on Shareholder Wealth (1992)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 20 (1992), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Large foreign acquisitions of U.S. real estate always seem to generate considerable public concern. Most recently the reaction has been to Japanese purchases, but similar reactions occurred to Arab petro-dollar purchases in the early 1970s. This study examines the impact of the buyer's nationality on the change in the wealth of the selling firm's shareholders for voluntary sell-offs of U.S. real estate. In general, this study indicates that voluntary sell-offs of real estate assets result in a significant increase in the wealth of the selling firm's shareholders. However, the change in the wealth of the selling firm's shareholders for U.S. buyers was not significantly different from that for non-U.S. buyers. Since no advance is indicated for foreign buyers over domestic buyers, laws or regulations hindering the foreign acquisition of U.S. real estate cannot be supported. The assumption of a “non-level playing field” for U.S. real estate investors who bid against foreign firms for U.S. real estate assets is not confirmed.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00592
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  • 6
    Electronic Resource
    Electronic Resource
    Real Estate Investment Acquisition Rules for Life Insurance Companies and Pension Funds: A Survey (1984)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 12 (1984), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Real estate comprises the major wealth of the United States as well as the world. Life insurance companies and pension funds are rapidly becoming major investors in real estate due to their large portfolios and annual cash inflows. Aggregate inflows of life insurance companies and pension funds are estimated to be about 150 billion dollars per year. Increasing amounts of these funds are believed to be going into real estate investments. This study surveys life insurance companies and pension managers on all facets of their real estate investments. The survey covers real estate portfolio size and type, portfolio composition, investment by property type, international investments, before-tax analysis, after-tax analysis, diversification strategies, computer usage, holding period assumptions and criteria for obtaining mortgages, equity positions and construction loans. The results of this study are then compared and contrasted with previous studies.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00335
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  • 7
    Electronic Resource
    Electronic Resource
    The Effect of Alternative Return Measures on Restricted Mixed-Asset Portfolios (1988)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 16 (1988), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: A restricted portfolio is constructed which includes NYSE common stocks, corporate bonds, government bonds, small capitalization common stocks, residential real estate and farmland and returns for each of four different tax brackets (0%, 15%, 30%, 45%). Next, three alternative measures of rates of return for residential real estate and farmland are used. Finally, since some researchers believe that standard risk measures (variance and standard deviation) do not capture the total risk in real estate, the risk for the real estate returns is increased five times while the returns are held constant. The twenty–four optimal portfolios (four tax brackets with two measures of risk and three measure of return for residential real estate and farmland) are then derived. These results are then compared and contrasted to each other to ascertain the change in sensitivity of the optimal portfolios due to different tax rates, different rates–of–return estimates and different risk estimates.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00450
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  • 8
    Electronic Resource
    Electronic Resource
    The Bootstrap Efficient Frontier for Mixed-Asset Portfolios (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 24 (1996), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: How much in real estate? To answer this question, uncertainty needs to be introduced into the efficient frontier, so that a confidence interval can be estimated for the real estate weight in a mixed-asset portfolio. Instead of focusing on a single optimal portfolio, this study examines the entire efficient frontier using the traditional point estimate method and the bootstrap simulation. The bootstrap distributions of the estimated weight vectors indicate that their confidence intervals are large enough to render them effectively useless. Once uncertainty is introduced, the efficient frontier becomes fuzzy and the weight vectors become even fuzzier.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00689
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  • 9
    Electronic Resource
    Electronic Resource
    Expected Equity Returns on Real Estate Financed with Life Insurance Company Loans: 1967–1977 (1980)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 8 (1980), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper estimates the internal rate of return on eleven real property types for the period 1967–1977 using a national sample of over 39 billion dollars worth of real property. Returns are calculated four ways—1) before tax, before financing. 2) before tax, after financing, 3) after tax, before financing, and 4) after tax, after financing. Comparisons are then made to determine the effects of taxes and financing on the returns. Finally, the results are compared to an earlier study for the period 1954–1966 to determine the changes of the various factors over time.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00214
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  • 10
    Electronic Resource
    Electronic Resource
    Portfolio Considerations in the Valuation of Real Estate (1986)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 14 (1986), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: When a real asset rises in price faster than inflation (as real estate did in the late 1970s) and rises significantly in price over an extended period (as real estate has done for the last decade and one-half), it concerns valuation and investment professionals who fear about it being over-valued. One of the reasons for such price performance may be an increase in demand due to the portfolio characteristics of the asset during the period of time in question. For real estate this means the proportion included in optimal portfolios should be significant and increasing as individual tax rates increase in an environment of increasing average tax rates.This study uses six tax brackets (0%, 10%, 20%, 30%, 40%, 50%) and portfolios consisting of three traditional assets (NYSE common stocks, corporate bonds and small stocks) plus three types of real estate (residential, business and farmland) to demonstrate that this is what has transpired in the real estate markets. Optimal portfolio weights are derived for each asset for after-tax portfolios. Real estate in general and residential real estate especially increased as a proportion of the optimal after-tax portfolio as individual tax rates increased. Other studies are used to demonstrate an environment of increasing average tax rates.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00398
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