The economic importance of infrastructure has been the subject of extensive research since the late 1980s and is free of controversy. The World Economic Forum (2008) lists infrastructure as one of the most crucial elements to a countryís productivity and competitiveness. In recent years,...

The importance of infrastructure as an alternative asset has emerged significantly in recent years. Based on a novel dataset, this paper investigates the long-run relationships and short-run dynamics between direct and securitized infrastructure returns and the relationsship to the relevant real...

Focusing on the role of the investment horizon, we analyze the inflation-hedging abilities of stocks, bonds, cash, and direct commercial real estate investments, and the implications of the inflation-hedge results for asset allocation. Based on vector autoregressions for the UK market we find...

Using the Johansen test for cointegration, we examine to which extent inflation rates in the Euro area have converged after the introduction of a single currency. Since the assumption of non-stationary variables represents the pivotal point in cointegration analyses we pay special attention to...

The implications of regulations on real estate funds are crucial, not only for the investment opportunities but also for the stability of the investment vehicle. We observe internationally several attempts to establish (or re-establish) open-end funds, as well for real estate as for other...

Using the Johansen test for cointegration, we examine to which extent inflation rates in the Euro area have converged after the introduction of a single currency. Since the assumption of non-stationary variables represents the pivotal point in cointegration analyses we pay special attention to...

The focus of this paper is the analysis of the inflation risk of European real estate securities. Following both a causal and a final understanding of risk, the analysis is twofold: First, to examine the causal influence of inflation on short- and long-term asset returns, we employ different...