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Direct Investment In Commercial Real Estate
This paper formed the basis of the keynote address to the Pacific Rim Real Estate Society conference in Melbourne. In the asset allocation process, direct real estate investment suffers from some perceived disadvantages and this paper summarises research, funded by practice, into three of these perceived disadvantages; depreciation in value,...
The Conceptual Framework For Business Process Innovation
This paper outlines the conceptual framework for a research program on Business Process Innovation based on advanced Enterprise Information Systems in a global supply chain context. The paper has argued that most industrial supply chains are globally scattered and nearly every business relies on their Enterprise Information Systems ES for...
Hedging Private International Real Estate
In this paper, the researchers have expanded the realistic nature of the simulation model, particularly as it pertains to the terminal exit value at the end of the holding period. The empirical approach in this paper is to estimate models of housing tenure choice on a sample of recent movers....
Real Estate in the Mixed-Asset Portfolio: The Question of Consistency
Real estate is increasingly been seen as an attractive addition to the mixed-asset portfolio. However, determining whether the good return enjoyed by real estate is a temporary or long-term phenomenon is a question that remains largely unanswered. Consistency in this context refers to the ability of an asset to maintain...
Liquidity in Commercial Property Markets: Deconstructing the Transaction Process
One aspect of liquidity is the process by which transactions occur including both how properties are selected for sale and the time taken to transact. The paper analyses data from three organizations; a property company, a major financial institution and an asset management company, formally a major public sector pension...
Expert Judgment in the Processes of Commercial Property Market Forecasting
This paper examines the ways in which human subjective judgment impacts on the process of real estate market forecast production and the consequent effects on outcomes. In so doing, the research draws upon concepts both from cognitive psychology and from principal-agent theory that emphasize the potential of biases and incentives...
When Does Direct Real Estate Improve Portfolio Performance?
For over twenty years, researchers have been recommending that investors diversify their portfolios by adding direct real estate. Based on the tenets of modern portfolio theory MPT investors are told that the primary reason they should include direct real estate is that they will enjoy decreased volatility risk through increased...
The Return Due to Diversification of Real Estate to the US Mixed-Asset Portfolio
Booth and Fama (1992) observe that the compound return and so the terminal wealth of a portfolio is greater than the weighted average of the compound returns of the individual investments, a difference referred to as the return due to diversification RDD. Thus, assets that offer high RDD should be...
The Impact of Real Estate on the Mixed-Asset Portfolio in Periods of Financial Stress
The case for holding real estate in the mixed-asset portfolio is typically made on its stabilizing effect as a result of its diversification benefits. However, portfolio diversification often fails when it is most needed, i.e. during periods of financial stress. In these periods, the variability of returns for most asset...
The Persistence of Real Estate Fund Performance
This paper examines the short and long-term persistence of tax-exempt real estate funds through the use of winner-loser contingency table methodology. The persistence tests are applied to a database of varying numbers of funds from a low of 16 to a high of 27 using quarterly returns over the 12...



