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Books > Business & Economics > Finance & accounting > Finance > Property & real estate
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A Global Perspective on Real Estate Cycles (Hardcover, 2001 ed.)
Loot Price: R3,003
Discovery Miles 30 030
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A Global Perspective on Real Estate Cycles (Hardcover, 2001 ed.)
Series: The New York University Salomon Center Series on Financial Markets and Institutions, 6
Expected to ship within 10 - 15 working days
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The real estate industry has been severely affected by recent
developments in international capital markets. There has been a
decline in real estate investment trust (REIT) share prices, and a
decline in capital available for real estate ventures. These
setbacks have coincided with serious financial problems of very
large hedge funds and other institutional investors in the market
for commercial mortgage-backed securities. This volume collects the
revised papers first presented at a conference hosted by New York
University's Salomon Center on the impact of globalization on real
estate business cycles. To this end, the conference offered new
insights into the implications of U.S. and global real estate
cycles on real estate securities including REITs and
mortgage-backed securities as well as direct real estate
investment. The most important insight is that the amplitude and
frequency of the cycles differ from place to place and time to
time. To the extent that this implies that real estate markets
around the world are not yet fully integrated, there are
opportunities for global investors. There are also risks; the
markets are becoming more correlated, most particularly in periods
of crisis. Indeed, the relative immaturity of the Thai real estate
market contributed significantly to the extent and severity of the
Asian financial crisis of 1997. To exploit these opportunities and
to manage the resulting risk, portfolio managers need to develop
new data sources and empirical procedures designed to maximize the
information content of the data that is available. The lack of high
quality data emerges as the central and most pressing issue, not
only from a portfolio management context, but alsofrom the
standpoint of public policy.
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