This study explores real estate allocation in the investment portfolio decision from the position of an institutional investor, specifically a pension fund. We apply Sharpe and Tintís (1990) investment framework with an explicit link between investment opportunities and pension-plan...

Real estate research has a long and extensive history of analyzing rent dynamics. Due to data availability constraints the retail market has been the least researched segment of main real estate sectors, despite its import role within the real estate universe (in the US for example the overall...

This paper investigates liquidity differences between property shares and common stocks in Australia, the United Kingdom and the United States over the period 1990-2004. This paper is first to analyze liquidity by the use of trading velocity, a ratio which measures the actual traded portion of...

Energy labels have proven to be an effective means for nudging households to make sustainable choices. The label information regarding future energy use has inspired consumers around the world to opt for more energy efficient cars to commute to work and to select more efficient appliances at...

Given the local character of real estate market, real estate investments have always been identified as an opportunity for diversifying internationally. Low international coherence can reduce the risk of both private and professional multi asset investment portfolios. Early research confirmed,...

In this paper we analyze the persistence of US REITs over the period 1990-2005. By employing a novel methodological approach we shed new light on whether investors can pick winners by simply looking at past performance. The private real estate industry is notorious for its lack of informational...

In this paper we examine the influence of location and clustering on office rents. We test for this influence in a longitudinal study for the city of Amsterdam over a distinctive property market cycle by means of a unique dataset which comprises the substantial majority of actual transactions....

The flow of new buyers into homeownership is vital for the overall health of the housing market. First-time buyers propel the blood circulation in the housing market by creating the necessary liquidity at the lower end of the market. In this paper we examine the economics of first-time buyers in...

This study examines office return determinants for major European office centers during the period 1990-2006. Our main hypothesis is that while the demand for office space is regarded as derived demand, the state of the local economy explains more about local office markets than the state of the...

In this paper we analyze the development of house prices for ten different countries over the period 1970-2004. First we look at real house price dynamics of the United States, the United Kingdom, France, Germany, Italy, Sweden, Denmark, the Netherlands, Ireland and Belgium. After discussing the...