In recent times Sovereign Wealth Funds (SWFs) have become an important source of international real estate investments. A number of reports predict the swelling of SWF combined assets from its current figure of $3-4 trillion to $8-12 trillion by 2015. It is also expected that a continuous growth...

How can volatility as well as other dynamics and characteristics in hotel market fundamentals affecting risk be better understood? This paper explores that fundamental question along with other more specific questions that naturally follow: What are the markets and hotel sectors that exhibit the...

The retail industry in the 21st century is undergoing a confluence of transformative changes. In this paper we discuss particularly noteworthy changes related to demography, retail economics and the Internet. We note how, in reaction to those transformations, brick-and-mortar retailers have...

The mission of our thesis is to assist residential real estate investors and developers in making more systematic investment decisions when selecting Chinese cities. In particular, our thesis has three major objectives, (1) to understand the residential price appreciation with respect to...

The thesis aims to address the long lasting phenomena of evolution of financial services industry both in US and Europe. The topic has never been more emphasized since the Great Depression. The dramatic fact of cost cutting and diminishing the headcount in financial services industry creates...

Between 2010 and 2018, approximately $410 billion of maturing CMBS loans are expected not to able to refinance; that is, they are in high risk of default. The current real estate downturn has not only pushed delinquencies to a historic high but has also inflicted losses to bondholders. When losses...

Success in frontier markets could mean high returns for real estate developers and investors. In order to succeed, companies must determine how to provide their products or services in an environment that may not necessarily adhere to familiar institutional, legal or even ethical norms....

The high risk and volatility in the current real estate market has sparked investor interest in understanding what determines real estate market volatility. This study examines the U.S. office markets' overall and decomposed volatilities in vacancy and revenue across 45 metropolitan areas from...

This thesis explores the topic of diversification opportunities in international real estate, with focus on private real estate markets in developed countries. In examining the characteristics of returns and interrelatedness between international real estate, stocks and bonds markets from the...

This thesis has a two-fold objective, namely to explore the role of cap rates in predicting the returns to commercial real estate, and to identify how cap rates can be used to improve the allocation of real estate in a dynamic investment portfolio. Seeking an answer to the first question, we run...