Real estate investment: a capital market approach
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Harlow [u.a.]
Financial Times Prentice Hall
2006
|
| Ausgabe: | 1. publ., [repr.] |
| Schlagworte: | |
| Online-Zugang: | Klappentext Inhaltsverzeichnis |
| Beschreibung: | XXVI, 708 S. graph. Darst. |
| ISBN: | 0130200638 9780130200631 |
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Datensatz im Suchindex
| _version_ | 1804136184810569728 |
|---|---|
| adam_text | Periodic
degree of risk of investment assets is now an important factor in their evaluation. This new text is the first
to examine the effect of such changes on real estate markets, taking an in-depth look at three major areas
of financial and economic importance within the real estate profession:
■
■
■
A unique feature of the book is its extensive use of empirical evidence, with ideas supported by research
that has been undertaken using real property data. In addition, the authors have explored new areas by
pushing back the boundaries of research, to encourage debate and provide a framework for the
development of new ideas.
Real Estate Investment: A Capital Market Approach is aimed primarily at students on both
undergraduate and postgraduate courses in property investment or finance and MBA real estate specialists.
The text is also of interest to fund managers, property researchers and professional investment valuers.
The authors:
Gerald R. Brown is currently Professor of Real Estate
Investment and Finance and Director of Real Estate
Research at the National University of Singapore. He has
also held chairs in both the UK and New Zealand and was
the first Professor of Property at Auckland University. He
has undertaken a number of consultancy projects and has
published numerous papers in International academic and
professional journals on real estate investment and
performance measurement. He is the author of Property
Investment and the Capital Markets and is currently joint
editor of the Journal of Property Investment and Finance
as well as being on the editorial board of a number of
international refereed academic journals.
George A. Matysiak is an Associate Director at CB
Hillier Parker and a senior research fellow at City
University Business School, London. He has previously
held positions as a senior research analyst at
Prudential Portfolio Managers in the UK and as a
pension consultant. He has acted as consultant on real
estate modelling, forecasting and other investment
aspects to both UK and overseas clients. He is an
active researcher and regular contributor to journals
and is on the editorial board of the Journal of Property
Research and the
Journal of Property
Investment and Finance.
Contents
Commonly used symbols page
Introduction
The changing property market
Why is this book different?
An approachable style
empirical data
tables
Advanced topics covered in appendices
workbook with worked examples and illustrations
General structure of the book
Part
return in real estate
Proposed reading schedule
Acknowledgements
PART
The time value of money and the valuation of cash flows
1
The importance of present value
vi
Making investment decisions
Financial distress 7
2
Single- and multiple-period investments
Estimating future values
Estimating present values
Multiple-period cash flows
Rent received in arrears and in advance
Annuities
Sinking funds
Sinking fund example
Another way of looking at sinking funds
Valuing over periods of less than one year
Annual percentage return (APR)
The effective rate of interest
Real and nominal interest rates
3
Non-growth models
Annuities in perpetuity
Example
Income received in advance
The equivalent yield model
Method
Constant growth models
The Cordon growth model
Example
The periodic growth model
Example
How valuers deal with periodic growth
The relationship between valuation models
Important uses of growth explicit models
Appendix
Appendix 3B: Estimating the growth rate from yields
Appendix 3C: Estimating effective rents
Contents •
4 Simple
The difference between two perpetuities
Zero growth models
Example
Constant growth model
Example
Periodic growth model
Example
Appendix 4A: Multiple growth models
5
The mortgage repayment table
Example
Endowment mortgages
Changes in interest rates
Changing the repayment period
Payments over less than one year
7.
method
Reducing the payment period
Appendix 5A: Analysing alternative payment methods
6
Spot rates, redemption yields and the yield curve
Forward interest rates
Valuation and the term structure
Estimating the term structure
Explaining the term structure
The expectations hypothesis
The liquidity preference hypothesis
The preferred habitat hypothesis
The market segmentation hypothesis
7
The importance of valuations
Valuations versus prices -
The slope coefficient
viii
The intercept term
Analysis of results
US research
Australian research
Appendix 7A: Valuation as a proxy for prices allowing for changing market
environments
Appendix 7B: Valuation versus valuations
Appendix 7C: The distributional characteristics of valuations
Appendix 7D: Commercial property valuation and the margin of error
8
The rationale for investment
The capital budgeting process
The residual analysis
Estimating the profit
Some important questions
Common methods of investment appraisal
Pay-back
Shortcomings of the pay-back rule
Discounted pay-back
Return on investment
Making decisions using cut-off rates
The internal rate of return
Net present value
The reinvestment rate
Requirements of decision-making techniques
The agency principle
Appendix 8A: Inflation, financing and taxation
Appendix 8B: Estimating relevant cash flows
Appendix 8C: Estimating relevant discount rates
Appendix 8D: Allowing for risk in the cash flows
Appendix 8E: The adjusted present value and residual equity income approach
Appendix 8F: Development finance: sources and techniques
Appendix 8C: Options to invest
Contents •
PART
Risk and return in real estate
9
Rates of return
Sample data
Comparison of sample with the IPD Index,
Comparison of sample with the IPD Index,
The distributional characteristics of real estate returns
Skewness
Kurtasis
Combining skewness and
Return characteristics of individual properties
Return characteristics of portfolios
Comparison with the IPD Index
The correlation structure of returns
The correlation of real estate returns with other assets
Appendix 9A: Inter-asset comparisons
Appendix 9B: Statistical measures used to describe distributions
Appendix 9C: Arithmetic mean, geometric mean and continuous rates
of return
10
Diversification and portfolio theory
Enter Harry
Combining property returns
Risk indifference curves
Assumptions used ¡n portfolio models
The standard portfolio problem
Ex-post versus ex-ante analysis
Enter William
Portfolio expected return
Portfolio variance
Capital market theory
Example
x
The market portfolio
The separation theorem
How diversification affects value
Systematic and specific risk
Partitioning the variance
The security market line and the capital asset pricing model
Example
The two beta trap
Appendix
Appendix 10B: Portfolio analysis and index models
Appendix IOC: Portfolio analysis using alternative risk measures
Appendix 10D: The capital asset pricing model (CAPM)
Appendix 10E: The CAPM with non-marketable assets
Appendix 10F: Duration and risk
11
Background
Methodology
Risk-reduction and portfolio size using monthly returns
Risk-reduction and portfolio size using annual data
Risk-reduction and value-weighted portfolios
Investment in all sectors
Portfolio diversification
Example
Combining risk-reduction and diversification
Appendix
Appendix
the inter-asset coefficient of correlation
Appendix
given level of diversification
Appendix
Appendix
Appendix
12
Competitive market imperfections
Using comparable sales to estimate values
Contents • xi
Estimating prices
The buyer s position
Estimating values
Estimating the smoothing parameter
Backing out the implied transaction prices
How to detect smoothing
Do valuers act in an optimal manner?
Appendix
Appendix
Appendix 12C: Estimating the volatility of terminal wealth
Appendix 12D: Random walk processes and aggregation effects
Appendix 12E: Removing smoothing with
PART
Portfolio management
13
The importance of information in assessing value
The efficiency of the property market
Why is efficiency important to the property market?
What would happen if property markets were inefficient?
The efficient markets hypothesis
.
Capitalising on information
Why do you need property valuation models?
Different forms of market efficiency
Weak form efficiency
General conclusions about market efficiency
Asset pricing and market efficiency
Appendix
Appendix
14
The development of inflation
Hedging against inflation
Inflation and asset performance
xii •
Defining a hedge against inflation
A test of inflation hedging
Assessing expected inflation
The
Appendix 14A: Empirical studies on inflation hedging
15
Some common misconceptions
The property market is grossly inefficient
is a long-term investment
of a strategy is to track an index
not work for property
Strategy and the investment process
Active-passive strategies
Portfolio strategy and forecasting ability
The active-passive strategy
Tracking an index with a property portfolio
Consistent and inconsistent strategies
Property selection
Processing information
Equivalent yields
Analysing large groups of properties
Sector and regional allocation
Strategy guidelines
Risk management
Appendix
Appendix
Appendix
16
Communication, accountability and research
Communication
Objectives of a performance measurement system
External
Measuring returns
Time-weighted and money-weighted rates of return
The time-weighted rate of return
Case
Contents • xiii
Calculating
The exact method
The holding period return and the mean fund concept
Cose
Choosing a benchmark
Introducing risk
Attribution analysis
The IPD standard comparative analysis
Appendix 16A: The IPD standard comparative analysis
Appendix
Appendix
Appendix 16D: Example portfolio analysis
Appendix
Appendix 16F: Some common questions concerning performance
Appendix 16G: The performance of property bonds
Appendix
17
652
Some basic definitions and notation
653
Variables
Using shorthand symbols
653
Summation
Exponents
654
Exponential functions
655
Logarithms
656
Example
Linear and quadratic equations
659
Example
Graphical representation of functions
660
Example
Arithmetic and geometric progressions
661
Arithmetic progressions
Indices and geometric averages
663
Statistical issues
665
Descriptive statistics
665
The lower quartile range
Frequency distributions and histograms
665
Probability concepts
666
xiv •
Continuous random variables
The expectation operator
The expected value
Probability distributions
The normal distribution
An introduction to confidence intervals and hypothesis testing
Confidence intervals
An introduction to regression analysis
Example
Multiple regression
Appendix
Appendix
18
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Bibliography
Index
|
| adam_txt |
Periodic
degree of risk of investment assets is now an important factor in their evaluation. This new text is the first
to examine the effect of such changes on real estate markets, taking an in-depth look at three major areas
of financial and economic importance within the real estate profession:
■
■
■
A unique feature of the book is its extensive use of empirical evidence, with ideas supported by research
that has been undertaken using real property data. In addition, the authors have explored new areas by
pushing back the boundaries of research, to encourage debate and provide a framework for the
development of new ideas.
Real Estate Investment: A Capital Market Approach is aimed primarily at students on both
undergraduate and postgraduate courses in property investment or finance and MBA real estate specialists.
The text is also of interest to fund managers, property researchers and professional investment valuers.
The authors:
Gerald R. Brown is currently Professor of Real Estate
Investment and Finance and Director of Real Estate
Research at the National University of Singapore. He has
also held chairs in both the UK and New Zealand and was
the first Professor of Property at Auckland University. He
has undertaken a number of consultancy projects and has
published numerous papers in International academic and
professional journals on real estate investment and
performance measurement. He is the author of Property
Investment and the Capital Markets and is currently joint
editor of the Journal of Property Investment and Finance
as well as being on the editorial board of a number of
international refereed academic journals.
George A. Matysiak is an Associate Director at CB
Hillier Parker and a senior research fellow at City
University Business School, London. He has previously
held positions as a senior research analyst at
Prudential Portfolio Managers in the UK and as a
pension consultant. He has acted as consultant on real
estate modelling, forecasting and other investment
aspects to both UK and overseas clients. He is an
active researcher and regular contributor to journals
and is on the editorial board of the Journal of Property
Research and the
Journal of Property
Investment and Finance.
Contents
Commonly used symbols page
Introduction
The changing property market
Why is this book different?
An approachable style
empirical data
tables
Advanced topics covered in appendices
workbook with worked examples and illustrations
General structure of the book
Part
return in real estate
Proposed reading schedule
Acknowledgements
PART
The time value of money and the valuation of cash flows
1
The importance of present value
vi
Making investment decisions
Financial distress 7
2
Single- and multiple-period investments
Estimating future values
Estimating present values
Multiple-period cash flows
Rent received in arrears and in advance
Annuities
Sinking funds
Sinking fund example
Another way of looking at sinking funds
Valuing over periods of less than one year
Annual percentage return (APR)
The effective rate of interest
Real and nominal interest rates
3
Non-growth models
Annuities in perpetuity
Example
Income received in advance
The equivalent yield model
Method
Constant growth models
The Cordon growth model
Example
The periodic growth model
Example
How valuers deal with periodic growth
The relationship between valuation models
Important uses of growth explicit models
Appendix
Appendix 3B: Estimating the growth rate from yields
Appendix 3C: Estimating effective rents
Contents •
4 Simple
The difference between two perpetuities
Zero growth models
Example
Constant growth model
Example
Periodic growth model
Example
Appendix 4A: Multiple growth models
5
The mortgage repayment table
Example
Endowment mortgages
Changes in interest rates
Changing the repayment period
Payments over less than one year
7.
method
Reducing the payment period
Appendix 5A: Analysing alternative payment methods
6
Spot rates, redemption yields and the yield curve
Forward interest rates
Valuation and the term structure
Estimating the term structure
Explaining the term structure
The expectations hypothesis
The liquidity preference hypothesis
The preferred habitat hypothesis
The market segmentation hypothesis
7
The importance of valuations
Valuations versus prices -\
The slope coefficient
viii
The intercept term
Analysis of results
US research
Australian research
Appendix 7A: Valuation as a proxy for prices allowing for changing market
environments
Appendix 7B: Valuation versus valuations
Appendix 7C: The distributional characteristics of valuations
Appendix 7D: Commercial property valuation and the margin of error
8
The rationale for investment
The capital budgeting process
The residual analysis
Estimating the profit
Some important questions
Common methods of investment appraisal
Pay-back
Shortcomings of the pay-back rule
Discounted pay-back
Return on investment
Making decisions using cut-off rates
The internal rate of return
Net present value
The reinvestment rate
Requirements of decision-making techniques
The agency principle
Appendix 8A: Inflation, financing and taxation
Appendix 8B: Estimating relevant cash flows
Appendix 8C: Estimating relevant discount rates
Appendix 8D: Allowing for risk in the cash flows
Appendix 8E: The adjusted present value and residual equity income approach
Appendix 8F: Development finance: sources and techniques
Appendix 8C: Options to invest
Contents •
PART
Risk and return in real estate
9
Rates of return
Sample data
Comparison of sample with the IPD Index,
Comparison of sample with the IPD Index,
The distributional characteristics of real estate returns
Skewness
Kurtasis
Combining skewness and
Return characteristics of individual properties
Return characteristics of portfolios
Comparison with the IPD Index
The correlation structure of returns
The correlation of real estate returns with other assets
Appendix 9A: Inter-asset comparisons
Appendix 9B: Statistical measures used to describe distributions
Appendix 9C: Arithmetic mean, geometric mean and continuous rates
of return
10
Diversification and portfolio theory
Enter Harry
Combining property returns
Risk indifference curves
Assumptions used ¡n portfolio models
The standard portfolio problem
Ex-post versus ex-ante analysis
Enter William
Portfolio expected return
Portfolio variance
Capital market theory
Example
x
The market portfolio
The separation theorem
How diversification affects value
Systematic and specific risk
Partitioning the variance
The security market line and the capital asset pricing model
Example
The two beta trap
Appendix
Appendix 10B: Portfolio analysis and index models
Appendix IOC: Portfolio analysis using alternative risk measures
Appendix 10D: The capital asset pricing model (CAPM)
Appendix 10E: The CAPM with non-marketable assets
Appendix 10F: Duration and risk
11
Background
Methodology
Risk-reduction and portfolio size using monthly returns
Risk-reduction and portfolio size using annual data
Risk-reduction and value-weighted portfolios
Investment in all sectors
Portfolio diversification
Example
Combining risk-reduction and diversification
Appendix
Appendix
the inter-asset coefficient of correlation
Appendix
given level of diversification
Appendix
Appendix
Appendix
12
Competitive market imperfections
Using comparable sales to estimate values
Contents • xi
Estimating prices
The buyer's position
Estimating values
Estimating the smoothing parameter
Backing out the implied transaction prices
How to detect smoothing
Do valuers act in an optimal manner?
Appendix
Appendix
Appendix 12C: Estimating the volatility of terminal wealth
Appendix 12D: Random walk processes and aggregation effects
Appendix 12E: Removing smoothing with
PART
Portfolio management
13
The importance of information in assessing value
The efficiency of the property market
Why is efficiency important to the property market?
What would happen if property markets were inefficient?
The efficient markets hypothesis
.
Capitalising on information
Why do you need property valuation models?
Different forms of market efficiency
Weak form efficiency
General conclusions about market efficiency
Asset pricing and market efficiency
Appendix
Appendix
14
The development of inflation
Hedging against inflation
Inflation and asset performance
xii •
Defining a hedge against inflation
A test of inflation hedging
Assessing expected inflation
The
Appendix 14A: Empirical studies on inflation hedging
15
Some common misconceptions
The property market is grossly inefficient
is a long-term investment
of a strategy is to track an index
not work for property
Strategy and the investment process
Active-passive strategies
Portfolio strategy and forecasting ability
The active-passive strategy
Tracking an index with a property portfolio
Consistent and inconsistent strategies
Property selection
Processing information
Equivalent yields
Analysing large groups of properties
Sector and regional allocation
Strategy guidelines
Risk management
Appendix
Appendix
Appendix
16
Communication, accountability and research
Communication
Objectives of a performance measurement system
External
Measuring returns
Time-weighted and money-weighted rates of return
The time-weighted rate of return
Case
Contents • xiii
Calculating
The exact method
The holding period return and the mean fund concept
Cose
Choosing a benchmark
Introducing risk
Attribution analysis
The IPD standard comparative analysis
Appendix 16A: The IPD standard comparative analysis
Appendix
Appendix
Appendix 16D: Example portfolio analysis
Appendix
Appendix 16F: Some common questions concerning performance
Appendix 16G: The performance of property bonds
Appendix
17
652
Some basic definitions and notation
653
Variables
Using shorthand symbols
653
Summation
Exponents
654
Exponential functions
655
Logarithms
656
Example
Linear and quadratic equations
659
Example
Graphical representation of functions
660
Example
Arithmetic and geometric progressions
661
Arithmetic progressions
Indices and geometric averages
663
Statistical issues
665
Descriptive statistics
665
The lower quartile range
Frequency distributions and histograms
665
Probability concepts
666
xiv •
Continuous random variables
The expectation operator
The expected value
Probability distributions
The normal distribution
An introduction to confidence intervals and hypothesis testing
Confidence intervals
An introduction to regression analysis
Example
Multiple regression
Appendix
Appendix
18
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Bibliography
Index |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Brown, Gerald R. Matysiak, George A. |
| author_facet | Brown, Gerald R. Matysiak, George A. |
| author_role | aut aut |
| author_sort | Brown, Gerald R. |
| author_variant | g r b gr grb g a m ga gam |
| building | Verbundindex |
| bvnumber | BV022206930 |
| classification_rvk | QK 800 |
| ctrlnum | (OCoLC)634658868 (DE-599)BVBBV022206930 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. publ., [repr.] |
| format | Book |
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| id | DE-604.BV022206930 |
| illustrated | Illustrated |
| index_date | 2024-07-02T16:25:47Z |
| indexdate | 2024-07-09T20:52:22Z |
| institution | BVB |
| isbn | 0130200638 9780130200631 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015418304 |
| oclc_num | 634658868 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR |
| owner_facet | DE-355 DE-BY-UBR |
| physical | XXVI, 708 S. graph. Darst. |
| publishDate | 2006 |
| publishDateSearch | 2006 |
| publishDateSort | 2006 |
| publisher | Financial Times Prentice Hall |
| record_format | marc |
| spelling | Brown, Gerald R. Verfasser aut Real estate investment a capital market approach Gerald R. Brown and George A. Matysiak 1. publ., [repr.] Harlow [u.a.] Financial Times Prentice Hall 2006 XXVI, 708 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Portfolio Selection (DE-588)4046834-3 gnd rswk-swf Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Immobilienanlage (DE-588)4120474-8 gnd rswk-swf Immobilienanlage (DE-588)4120474-8 s Kapitalmarkt (DE-588)4029578-3 s Portfolio Selection (DE-588)4046834-3 s b DE-604 Matysiak, George A. Verfasser aut Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015418304&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Klappentext Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015418304&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Brown, Gerald R. Matysiak, George A. Real estate investment a capital market approach Portfolio Selection (DE-588)4046834-3 gnd Kapitalmarkt (DE-588)4029578-3 gnd Immobilienanlage (DE-588)4120474-8 gnd |
| subject_GND | (DE-588)4046834-3 (DE-588)4029578-3 (DE-588)4120474-8 |
| title | Real estate investment a capital market approach |
| title_auth | Real estate investment a capital market approach |
| title_exact_search | Real estate investment a capital market approach |
| title_exact_search_txtP | Real estate investment a capital market approach |
| title_full | Real estate investment a capital market approach Gerald R. Brown and George A. Matysiak |
| title_fullStr | Real estate investment a capital market approach Gerald R. Brown and George A. Matysiak |
| title_full_unstemmed | Real estate investment a capital market approach Gerald R. Brown and George A. Matysiak |
| title_short | Real estate investment |
| title_sort | real estate investment a capital market approach |
| title_sub | a capital market approach |
| topic | Portfolio Selection (DE-588)4046834-3 gnd Kapitalmarkt (DE-588)4029578-3 gnd Immobilienanlage (DE-588)4120474-8 gnd |
| topic_facet | Portfolio Selection Kapitalmarkt Immobilienanlage |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015418304&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015418304&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
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