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Asset Management And City Government
Asset management is an emerging set of tools and skills that can help managers of transportation facilities make better maintenance and investment decisions. Since local governments own and operate 78 percent of the streets and roadways in the nation, most of the airports and most of the transit systems, some...
Noise, Real Estate Markets, And Options On Real Assets: Applications
This paper explores the implications of noise in real estate markets by examining two applications that focus on real option valuation and optimal exercise policy. The first application examines an imperfectly competitive market for real estate development in which agents compete over the timing of lead investment. Information spillover and...
Noise, Real Estate Markets, and Options on Real Assets: Applications
This paper explores the implications of noise in real estate markets by examining two applications that focus on real option valuation and optimal exercise policy. The first application examines an imperfectly competitive market for real estate development in which agents compete over the timing of lead investment. The second application...
Diversifying Into Real Estate: Its a Good Thing
This paper examines different asset classes and concludes that only real estate seems to offer diversification benefits at the very times when these benefits are most needed, which is not true in many other assets. The results are established using the Hansen and Jagannathan model. Thus, it can be concluded...
Market Efficiency and Return Statistics: Evidence from Real State and Stock Markets using a Present-Value Approach.
This paper develops a methodology to identify asset price response to news in the framework of campbell-shiller log linear present value equations. It shows that slow price adjustment not only induces high serial auto correction in real estate excess returns, but also dampens their volatility and correlation with other asset...
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