International asset allocation and real estate investments:
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| Format: | Thesis Book |
| Language: | English |
| Published: |
2005
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| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XV, 152 S. graph. Darst. |
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| 100 | 1 | |a Reiner, Frank |d 1970- |e Verfasser |0 (DE-588)130267503 |4 aut | |
| 245 | 1 | 0 | |a International asset allocation and real estate investments |c vorgelegt von Frank Reiner |
| 264 | 1 | |c 2005 | |
| 300 | |a XV, 152 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 502 | |a Frankfurt (Main), Univ., Diss., 2005 | ||
| 650 | 4 | |a Immobilienfonds / Portfolio-Management / Währungsmanagement / Schätzung / Theorie / Deutschland / USA | |
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| adam_text | Table of Contents
i
LIST OF ORIGINAL PAPERS m
TABLE OF CONTENTS . V
LIST OF FIGURES IX
LIST OF TABLES X
LIST OF ABBREVIATIONS XIII
1 INTRODUCTION 1
1.1 motivation 1
1.2 Goals, relevance, and Organization 2
13 Executive Summary 3
1.3.1 Indirect Real Estate Investments 3
1.3.1.1 Chapter 2: International Asset Allocation with Real Estate
Securities m a Shortfall Risk Framework: The Viewpoint of
German and US Investors 3
13.1.2 Chapter 3: Return and Risk of German Open End Real
Estate Funds 5
1.3.2 Direct Real Estate Investments 8
13.2.1 Chapter 4: Characteristics of German Real Estate Return
Distributions: Empirical Evidence from Germany and
Comparison to the US and U.K. 8
1.3.2.2 Chapter 5: Strategic Currency Hedging and International
Real Estate Investments 10
References 12
2 international asset allocation with real estate
SECURITIES IN A SHORTFALL RISK FRAMEWORK: THE
VIEWPOINT OF GERMAN AND US INVESTORS 17
2.1 introduction 17
2.2 Data and Methodology 19
2.2.1 Data collection and description 19
2.2.2 International Asset Allocation in a Shortfall Risk Framework 23
222.1 Lower Partial Moments and Utility Theory 23
2.2.2.2 International Portfolio Optimization with Lower Partial
Moments „ 24
23 EX POCT DIVERSIFICATION POTEHnAL. ~.26
2.3.1 Efficient Mean/LPM Sets „ 26
2.3.2 Special Portfolios and Performance Measurement 27
2.3.3 Risk/Return Characteristics of the Selected Portfolios 28
2.3.4 Portfolio Structures _ 30
2.4 Ex Ante Diversification Potential „ 32
2.4.1 Study Design 32
2.4.2 Performance of the Strategies 32
2.4.3 Stochastic Dominance Analysis 36
2.5 Conclusion 37
Appendix •....*..... . .39
References « ........................41
3 RETURN AND WSK OF GERMAN OPEN END REAJL ESTATE FUNDS _43
3.1 Introduction 43
3 2 Open End Real Estate Funds in Germany 45
3.2.1 Size and Role in the Mutual Fund Market 45
3.2.2 Legal Environment and Regulations 46
3.2.3 Problems Resulting from the Open End Architecture of Real
Estate Funds. 48
33 Statistical Properties of real Estate Funds Returns 51
3.3.1 Data Collection and Description 51
3.3.2 Univariate Analysis 52
3.3.3 Serial Correlation of Real Estate Fund Returns 54
3.3.4 Correlation Analysis 56
3.4 Risk and Return Profiles of Investments in Real Estate Funds 58
3.4.1 Research Design and Methodology 58
3.4.2 Single Investment Considerations 61
3.4.3 Replicabllityofthe Real Estate Fund Performance. 63
3.4.4 Real Estate Funds within a Mixed Asset Portfolio 66
3.4.4.1 Methodology 66
3.4.4.2 Results 68
3.5 Conclusions and Avenues of Further Research 71
rep^pehces « • • • ¦ ......73
VI
I
4 CHARACTERISTICS OF GERMAN REAL ESTATE RETURN
DISTRIBUTIONS: EMPIRICAL EVIDENCE FROM GERMANY
AND COMPARISON TO THE US AND UK 75
4.1 Introduction 75
42 Appraisal based Indices for Germany 76
• 4.3 Empirical Analyses 79
4.3.1 Data 79
4.3.2 Univariate Considerations SO
4.3.2.1 Analysis ofNommal Returns 80
4.3.2.2 Analysis of Unsmoothed Returns 84
; 4.3.2.3 Analysis of Real Returns 87
^ 4.3.3 Multfvariate Considerations 90
43.3.1 Contemporaneous Correlations 90
4.33.2 Partial Co Movements 94
4.4 Summary and Conclusions 97
References 99
5 STRATEGIC CURRENCY HEDGING AND INTERNATIONAL
REAL ESTATE INVESTMENTS 103
5.1 Introduction 103
5.2 Currency Exposure and Investment Horizon 105
5.2.1 Dimensions of Currency Exposure. 105
5.2.2 Currency Exposure in the Short Run 106
5.2.3 Currency Exposure in the Long Run 107
5.3 Literature Overview 108
5.3.1 Classification 108
5.3.2 Single Investment Perspective 109
5.3.3 Asset Allocation Perspective 110
5.4 Data and Methodology 112
5.4.1 Research Design 112
5.4.2 Preliminary Data Analyses 114
5.4.2.1 Data Description 114
5.4.2.2 Real Estate Data Aspects 114
5.4.2.3 Univariate Statistics 116
5.4.2.4 Correlation Analysis 119
5.4.2.5 Transaction Costs and Management Fees 121
V VII
5.4.3 Multi Period Asset Allocation Framework 722
5.4.3.1 VAR Model 122
5.4.3.2 Money Market Hedging 124
5.4.3.3 Transaction Costs 125
5.4.3.4 Portfolio Equations 126
5.5 Empirical Analyses 128
5.5.1 Model Settings 128
5.5.2 Results for German Investors. 129
5.5.2.1 Real Estate Portfolios 129
5.5.2.2 Mixed Asset Portfolios 131
5.5.3 Results for US Investors 137
5.5.3.1 Real Estate Portfolios 137
5.5.3.2 Mixed Asset Portfolios 140
5.6 Conclusions and Avenues of Further Research 144
Appendix 146
references 147
CURRICULUM VTTAE 151
List of Figures
Exhibit 2.1: International Efficient Boundaries from the German
Perspective 26
Exhibit 2.2: international Efficient Boundaries from the US
Perspective 27
Exhibit 3.1: Portfolio Composition of German Open End
Real Estate Funds 50
Exhibit 3.2: Monthly Nominal Returns (in %) of German Stocks,
Bonds, Cash and Real Estate Funds 1/1975 12/2003 52
Exhibit 4.1: Quarterly Nominal Returns on German, U.S, and
UK Real estate Markets (1/1987 rv/2002) 80
ft
List of Tables
Table 2.1: Descriptive Statistics for the Index Time Series of the
Utilized Stock and Bond Markets and the Real Estate
Companies 21
Table 22: Risk/Return Characteristics of the selected Ex Post
Portfolios 29
TABLE2.3: OPTIMALEXPOSTPORTFOUOWEIGHTSFORTHEMRPAND
TP from the Perspective of the German Investor 30
Table 2.4: Optimal Ex Post Portfolio Weights of the MRP and
tp from the perspective of the us investor 31
Table 2.5: Risk/Return Characteristics of the Ex Ante Strategies
from the German Point of View 33
Table 2.6: Risk/Return Characteristics of the Ex Ante Strategies
from the US Point of View 34
Table 2.7: Stochastically Undominated Ex Ante Strategies ~. 37
Table 2.8: Average Ex Ante Portfolio weights of the MRP and
TP Strategy from the Perspective of the German investor .....—. 39
Table 2.9: Average Ex ante Portfolio Weights of the MRP and
TP Strategy from the Perspective of the US Investor 40
Table 3.1: German Open End Real Estate Funds: Assets under
Management and Net Cash Flows 46
Table3.2: Statistics of Monthly and Yearly returns
(01/1975 12/2003) 53
Table3.3: Autocorrelation Structure of Real Estate Fund
Returns (1/1975 12/2003) 55
Table 3.4: Contemporaneous Correlations for Nominal and Real
RETURNS (1975 2003) 57
Table 3.5: Model Input Parameters (Basis: Yearly Real Log returns) 61
Table 3.6: Ex Ante Risk and Return Profiles of Cumulative real Loo
Returns (in %) for Different Holding Period Lengths and
Different Tax Rates (I) 62
TABLE3.7: ExANTERISKANDRETURNPROFILESOFOMULATIVEREALLOG
Returns (in %) for Different Holdino Period Lengths and
different tax rates (ii) 64
Table 3.8: Ex Ante asset Allocations (in %), for Different Holdino
Period Lengths and Different Tax Rates 69
Table 4. l: Selected Distributional Statistics for Quarterly Nominal
Returns on German, U.S. and UK real Estate Markets
(1/1987 IV/2002) 81
Table 4.2: Selected Distributional Statistics for Yearly Nominal
Returns on German, U.S, and UK Real Estate Markets
(1987 2002) 82
Table 4.3: Further Distributional Statistics and Tests for Quarterly
and yearly nominal german, us, and uk real estate
Market Returns (1/1987 rv/2002) 83
Table 4.4: Mean and Standard Deviation for Quarterly and Yearly
Unsmoothed Nominal Returns on German, U.S, and UK Real
Estate Markets (1/1988 IV/2002) 86
Table 4.5: Distributional Statistics and Tests for Unsmoothed
Quarterly and Yearly Nominal Returns on German,
US, AND UK Real ESTATE (1/1988 IV/2002) 86
Table 4.6: contemporaneous and Cross Correlation between
Quarterly Real Estate Returns and Inflation
(1/1987 IV/2002) 88
Table 4.7: Distributional Statistics and Tests for Quarterly and
Yearly Real returns on German, US, and UK Real
Estate (1/1987 rv/2002) 89
Table 4.8: Selected Distributional Statistics for Quarterly and
Yearly Real Returns on German, U.S, and UK Real
Estate Markets (1/1987 IV/2002) 90
Table 4.9: Contemporaneous Correlation Coefficients for the
German, US, and UK real Estate, Bond, and Stock
Markets on quarterly Nominal Basis (1/1987 IV/2002) 91
Table 4.10: contemporaneous Correlation Coefficients for the
German. US, and UK Real Estate, Bond, and Stock
Markets on Quarterly Nominal Basis 92
Table 4.U: Contemporaneous Correlation Coefficients for the
German, US, and UK Real Estate, Bond, and Stock
Markets on Yearly Nominal Basis (1987 2002) 93
Table 4.12: Contemporaneous Correlations for Unsmoothed Real
Estate, Bond, and Stock Returns in Germany, the US,
and UK on Quarterly Nominal Basis (I/1988 IV/2002) 94
Table 4.13: Conditional relative Frequencies in Several Percentiles
of the Quarterly Real Estate Market Return
Distributions (1/1987 TV/2002) 96
Table 4.14: Conditional Relative Frequencies in Several Percentiles
of the Unsmoothed Quarterly Real Estate Return
Distributions (1/1988 IW2002) 97
Table 5.1: Descriptive Statistics for Real Estate Annual Nominal
Log Returns (1980 2003) 116
Table 5.2: Descriittve Statistics for Annual Nominal Loo Returns (I)
(1980 2003) ..117
Table 5.3: Descriptive Statistics for Annual Nominal Log Returns (U)
(1980 2003).. 118
Table S.4 . Contemporaneous Correlations of Annual Nominal Loo
returns (1980 2003) .....: 120
Table 5.5: Transaction Costs and management Fees (1980 2003) 121
Table 5.6: Minimum Variance Allocations of International Real
Estate Portfolios for German Investors 129
Table 5.7: Tangency portfolio Allocations of International Real
Estate Portfolios for German Investors 131
Table 5.8: Minimum Variance Allocations of International Mixed
Asset Portfolios for German Investors 132
Table 5.9: Tangency Portfolio allocations of International Mixed
Asset Portfolios for German Investors 135
Table 5.10: Minimum Variance Allocations of International Real
estate Portfolios for US Investors 138
Table 5.11: Tanoency Portfolio Allocations of International Real
Estate Portfolios for US Investors 139
Table5.12: Minimum Variance Allocations of International Mixed
Asset Portfolios for US Investors 141
Table 5.13: Tangency Portfolio Allocations of International Mixed
Asset Portfolios for US Investors 143
|
| adam_txt |
Table of Contents
i
LIST OF ORIGINAL PAPERS m
TABLE OF CONTENTS . V
LIST OF FIGURES IX
LIST OF TABLES X
LIST OF ABBREVIATIONS XIII
1 INTRODUCTION 1
1.1 motivation 1
1.2 Goals, relevance, and Organization 2
13 Executive Summary 3
1.3.1 Indirect Real Estate Investments 3
1.3.1.1 Chapter 2: "International Asset Allocation with Real Estate
Securities m a Shortfall Risk Framework: The Viewpoint of
German and US Investors" 3
13.1.2 Chapter 3: "Return and Risk of German Open End Real
Estate Funds" 5
1.3.2 Direct Real Estate Investments 8
13.2.1 Chapter 4: "Characteristics of German Real Estate Return
Distributions: Empirical Evidence from Germany and
Comparison to the US and U.K." 8
1.3.2.2 Chapter 5: "Strategic Currency Hedging and International
Real Estate Investments" 10
References 12
2 international asset allocation with real estate
SECURITIES IN A SHORTFALL RISK FRAMEWORK: THE
VIEWPOINT OF GERMAN AND US INVESTORS 17
2.1 introduction 17
2.2 Data and Methodology 19
2.2.1 Data collection and description 19
2.2.2 International Asset Allocation in a Shortfall Risk Framework 23
222.1 Lower Partial Moments and Utility Theory 23
2.2.2.2 International Portfolio Optimization with Lower Partial
Moments „ 24
23 EX POCT DIVERSIFICATION POTEHnAL. ~.26
2.3.1 Efficient Mean/LPM Sets „ 26
2.3.2 Special Portfolios and Performance Measurement 27
2.3.3 Risk/Return Characteristics of the Selected Portfolios 28
2.3.4 Portfolio Structures _ 30
2.4 Ex Ante Diversification Potential „ 32
2.4.1 Study Design 32
2.4.2 Performance of the Strategies 32
2.4.3 Stochastic Dominance Analysis 36
2.5 Conclusion 37
Appendix •.*. . .39
References « .41
3 RETURN AND WSK OF GERMAN OPEN END REAJL ESTATE FUNDS _43
3.1 Introduction 43
3 2 Open End Real Estate Funds in Germany 45
3.2.1 Size and Role in the Mutual Fund Market 45
3.2.2 Legal Environment and Regulations 46
3.2.3 Problems Resulting from the Open End Architecture of Real
Estate Funds. 48
33 Statistical Properties of real Estate Funds Returns 51
3.3.1 Data Collection and Description 51
3.3.2 Univariate Analysis 52
3.3.3 Serial Correlation of Real Estate Fund Returns 54
3.3.4 Correlation Analysis 56
3.4 Risk and Return Profiles of Investments in Real Estate Funds 58
3.4.1 Research Design and Methodology 58
3.4.2 Single Investment Considerations 61
3.4.3 Replicabllityofthe Real Estate Fund Performance. 63
3.4.4 Real Estate Funds within a Mixed Asset Portfolio 66
3.4.4.1 Methodology 66
3.4.4.2 Results 68
3.5 Conclusions and Avenues of Further Research 71
rep^pehces « • • • ¦ .73
VI
I
4 CHARACTERISTICS OF GERMAN REAL ESTATE RETURN
DISTRIBUTIONS: EMPIRICAL EVIDENCE FROM GERMANY
AND COMPARISON TO THE US AND UK 75
4.1 Introduction 75
42 Appraisal based Indices for Germany 76
• 4.3 Empirical Analyses 79
4.3.1 Data 79
4.3.2 Univariate Considerations SO
4.3.2.1 Analysis ofNommal Returns 80
4.3.2.2 Analysis of Unsmoothed Returns 84
; 4.3.2.3 Analysis of Real Returns 87
^ 4.3.3 Multfvariate Considerations 90
43.3.1 Contemporaneous Correlations 90
4.33.2 Partial Co Movements 94
4.4 Summary and Conclusions 97
References 99
5 STRATEGIC CURRENCY HEDGING AND INTERNATIONAL
REAL ESTATE INVESTMENTS 103
5.1 Introduction 103
5.2 Currency Exposure and Investment Horizon 105
5.2.1 Dimensions of Currency Exposure. 105
5.2.2 Currency Exposure in the Short Run 106
5.2.3 Currency Exposure in the Long Run 107
5.3 Literature Overview 108
5.3.1 Classification 108
5.3.2 Single Investment Perspective 109
5.3.3 Asset Allocation Perspective 110
5.4 Data and Methodology 112
5.4.1 Research Design 112
5.4.2 Preliminary Data Analyses 114
5.4.2.1 Data Description 114
5.4.2.2 Real Estate Data Aspects 114
5.4.2.3 Univariate Statistics 116
5.4.2.4 Correlation Analysis 119
5.4.2.5 Transaction Costs and Management Fees 121
V VII
5.4.3 Multi Period Asset Allocation Framework 722
5.4.3.1 VAR Model 122
5.4.3.2 Money Market Hedging 124
5.4.3.3 Transaction Costs 125
5.4.3.4 Portfolio Equations 126
5.5 Empirical Analyses 128
5.5.1 Model Settings 128
5.5.2 Results for German Investors. 129
5.5.2.1 Real Estate Portfolios 129
5.5.2.2 Mixed Asset Portfolios 131
5.5.3 Results for US Investors 137
5.5.3.1 Real Estate Portfolios 137
5.5.3.2 Mixed Asset Portfolios 140
5.6 Conclusions and Avenues of Further Research 144
Appendix 146
references 147
CURRICULUM VTTAE 151
List of Figures
Exhibit 2.1: International Efficient Boundaries from the German
Perspective 26
Exhibit 2.2: international Efficient Boundaries from the US
Perspective 27
Exhibit 3.1: Portfolio Composition of German Open End
Real Estate Funds 50
Exhibit 3.2: Monthly Nominal Returns (in %) of German Stocks,
Bonds, Cash and Real Estate Funds 1/1975 12/2003 52
Exhibit 4.1: Quarterly Nominal Returns on German, U.S, and
UK Real estate Markets (1/1987 rv/2002) 80
ft
List of Tables
Table 2.1: Descriptive Statistics for the Index Time Series of the
Utilized Stock and Bond Markets and the Real Estate
Companies 21
Table 22: Risk/Return Characteristics of the selected Ex Post
Portfolios 29
TABLE2.3: OPTIMALEXPOSTPORTFOUOWEIGHTSFORTHEMRPAND
TP from the Perspective of the German Investor 30
Table 2.4: Optimal Ex Post Portfolio Weights of the MRP and
tp from the perspective of the us investor 31
Table 2.5: Risk/Return Characteristics of the Ex Ante Strategies
from the German Point of View 33
Table 2.6: Risk/Return Characteristics of the Ex Ante Strategies
from the US Point of View 34
Table 2.7: Stochastically Undominated Ex Ante Strategies ~. 37
Table 2.8: Average Ex Ante Portfolio weights of the MRP and
TP Strategy from the Perspective of the German investor .—. 39
Table 2.9: Average Ex ante Portfolio Weights of the MRP and
TP Strategy from the Perspective of the US Investor 40
Table 3.1: German Open End Real Estate Funds: Assets under
Management and Net Cash Flows 46
Table3.2: Statistics of Monthly and Yearly returns
(01/1975 12/2003) 53
Table3.3: Autocorrelation Structure of Real Estate Fund
Returns (1/1975 12/2003) 55
Table 3.4: Contemporaneous Correlations for Nominal and Real
RETURNS (1975 2003) 57
Table 3.5: Model Input Parameters (Basis: Yearly Real Log returns) 61
Table 3.6: Ex Ante Risk and Return Profiles of Cumulative real Loo
Returns (in %) for Different Holding Period Lengths and
Different Tax Rates (I) 62
TABLE3.7: ExANTERISKANDRETURNPROFILESOFOMULATIVEREALLOG
Returns (in %) for Different Holdino Period Lengths and
different tax rates (ii) 64
Table 3.8: Ex Ante asset Allocations (in %), for Different Holdino
Period Lengths and Different Tax Rates 69
Table 4. l: Selected Distributional Statistics for Quarterly Nominal
Returns on German, U.S. and UK real Estate Markets
(1/1987 IV/2002) 81
Table 4.2: Selected Distributional Statistics for Yearly Nominal
Returns on German, U.S, and UK Real Estate Markets
(1987 2002) 82
Table 4.3: Further Distributional Statistics and Tests for Quarterly
and yearly nominal german, us, and uk real estate
Market Returns (1/1987 rv/2002) 83
Table 4.4: Mean and Standard Deviation for Quarterly and Yearly
Unsmoothed Nominal Returns on German, U.S, and UK Real
Estate Markets (1/1988 IV/2002) 86
Table 4.5: Distributional Statistics and Tests for Unsmoothed
Quarterly and Yearly Nominal Returns on German,
US, AND UK Real ESTATE (1/1988 IV/2002) 86
Table 4.6: contemporaneous and Cross Correlation between
Quarterly Real Estate Returns and Inflation
(1/1987 IV/2002) 88
Table 4.7: Distributional Statistics and Tests for Quarterly and
Yearly Real returns on German, US, and UK Real
Estate (1/1987 rv/2002) 89
Table 4.8: Selected Distributional Statistics for Quarterly and
Yearly Real Returns on German, U.S, and UK Real
Estate Markets (1/1987 IV/2002) 90
Table 4.9: Contemporaneous Correlation Coefficients for the
German, US, and UK real Estate, Bond, and Stock
Markets on quarterly Nominal Basis (1/1987 IV/2002) 91
Table 4.10: contemporaneous Correlation Coefficients for the
German. US, and UK Real Estate, Bond, and Stock
Markets on Quarterly Nominal Basis 92
Table 4.U: Contemporaneous Correlation Coefficients for the
German, US, and UK Real Estate, Bond, and Stock
Markets on Yearly Nominal Basis (1987 2002) 93
Table 4.12: Contemporaneous Correlations for Unsmoothed Real
Estate, Bond, and Stock Returns in Germany, the US,
and UK on Quarterly Nominal Basis (I/1988 IV/2002) 94
Table 4.13: Conditional relative Frequencies in Several Percentiles
of the Quarterly Real Estate Market Return
Distributions (1/1987 TV/2002) 96
Table 4.14: Conditional Relative Frequencies in Several Percentiles
of the Unsmoothed Quarterly Real Estate Return
Distributions (1/1988 IW2002) 97
Table 5.1: Descriptive Statistics for Real Estate Annual Nominal
Log Returns (1980 2003) 116
Table 5.2: Descriittve Statistics for Annual Nominal Loo Returns (I)
(1980 2003) .117
Table 5.3: Descriptive Statistics for Annual Nominal Log Returns (U)
(1980 2003). 118
Table S.4 . Contemporaneous Correlations of Annual Nominal Loo
returns (1980 2003) .: 120
Table 5.5: Transaction Costs and management Fees (1980 2003) 121
Table 5.6: Minimum Variance Allocations of International Real
Estate Portfolios for German Investors 129
Table 5.7: Tangency portfolio Allocations of International Real
Estate Portfolios for German Investors 131
Table 5.8: Minimum Variance Allocations of International Mixed
Asset Portfolios for German Investors 132
Table 5.9: Tangency Portfolio allocations of International Mixed
Asset Portfolios for German Investors 135
Table 5.10: Minimum Variance Allocations of International Real
estate Portfolios for US Investors 138
Table 5.11: Tanoency Portfolio Allocations of International Real
Estate Portfolios for US Investors 139
Table5.12: Minimum Variance Allocations of International Mixed
Asset Portfolios for US Investors 141
Table 5.13: Tangency Portfolio Allocations of International Mixed
Asset Portfolios for US Investors 143 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Reiner, Frank 1970- |
| author_GND | (DE-588)130267503 |
| author_facet | Reiner, Frank 1970- |
| author_role | aut |
| author_sort | Reiner, Frank 1970- |
| author_variant | f r fr |
| building | Verbundindex |
| bvnumber | BV021314813 |
| ctrlnum | (OCoLC)254817473 (DE-599)BVBBV021314813 |
| dewey-full | 332.6 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.6 |
| dewey-search | 332.6 |
| dewey-sort | 3332.6 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Thesis Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV021314813 |
| illustrated | Illustrated |
| index_date | 2024-07-02T13:57:06Z |
| indexdate | 2024-07-09T20:35:27Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-014635307 |
| oclc_num | 254817473 |
| open_access_boolean | |
| owner | DE-703 DE-188 |
| owner_facet | DE-703 DE-188 |
| physical | XV, 152 S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| record_format | marc |
| spelling | Reiner, Frank 1970- Verfasser (DE-588)130267503 aut International asset allocation and real estate investments vorgelegt von Frank Reiner 2005 XV, 152 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Frankfurt (Main), Univ., Diss., 2005 Immobilienfonds / Portfolio-Management / Währungsmanagement / Schätzung / Theorie / Deutschland / USA Immobilienmanagement (DE-588)4819387-2 gnd rswk-swf Portfolio Selection (DE-588)4046834-3 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Immobilienmanagement (DE-588)4819387-2 s Portfolio Selection (DE-588)4046834-3 s DE-188 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014635307&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Reiner, Frank 1970- International asset allocation and real estate investments Immobilienfonds / Portfolio-Management / Währungsmanagement / Schätzung / Theorie / Deutschland / USA Immobilienmanagement (DE-588)4819387-2 gnd Portfolio Selection (DE-588)4046834-3 gnd |
| subject_GND | (DE-588)4819387-2 (DE-588)4046834-3 (DE-588)4113937-9 |
| title | International asset allocation and real estate investments |
| title_auth | International asset allocation and real estate investments |
| title_exact_search | International asset allocation and real estate investments |
| title_exact_search_txtP | International asset allocation and real estate investments |
| title_full | International asset allocation and real estate investments vorgelegt von Frank Reiner |
| title_fullStr | International asset allocation and real estate investments vorgelegt von Frank Reiner |
| title_full_unstemmed | International asset allocation and real estate investments vorgelegt von Frank Reiner |
| title_short | International asset allocation and real estate investments |
| title_sort | international asset allocation and real estate investments |
| topic | Immobilienfonds / Portfolio-Management / Währungsmanagement / Schätzung / Theorie / Deutschland / USA Immobilienmanagement (DE-588)4819387-2 gnd Portfolio Selection (DE-588)4046834-3 gnd |
| topic_facet | Immobilienfonds / Portfolio-Management / Währungsmanagement / Schätzung / Theorie / Deutschland / USA Immobilienmanagement Portfolio Selection Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014635307&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT reinerfrank internationalassetallocationandrealestateinvestments |