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Articles 1 - 6 of 6

Full-Text Articles in Real Estate

Portfolio Allocations To Real Estate: Another Story, John B. Corgel, Jan A. Deroos Dec 1994

Portfolio Allocations To Real Estate: Another Story, John B. Corgel, Jan A. Deroos

Working Papers

Almost 25 years ago Friedman (1970) demonstrated that unsecuritized real estate, because of its relatively high risk-adjusted return and low correlations with stocks and bonds, receives substantial allocations in efficient, mixed-asset portfolios. Fisher and Sirmans (1994) argue that these attractive features of real estate still exist today. In recent empirical work by Mei and Lee (1994), the presence of a unique real estate factor is detected in securitized and unsecuritized real estate returns that cannot be captured by investing in other assets.


Price Cutting In Liability Insurance Markets, Scott. E. Harrington, Patricia. M. Danzon Oct 1994

Price Cutting In Liability Insurance Markets, Scott. E. Harrington, Patricia. M. Danzon

Health Care Management Papers

This article analyzes alleged underpricing of general liability insurance prior to the mid-1980s liability insurance "crisis." The theoretical analysis considers whether moral hazard and/or heterogeneous information for forecasting claim costs can cause some firms to price too low and depress other firms' prices. Cross-sectional analysis of insurer loss forecast revisions (which should be greater for firms with low prices caused by moral hazard or hetero- geneous information) and premium growth provides evidence consistent with low pricing due to moral hazard but not heterogeneous information. The evidence also implies that shifts in the loss distribution produced large industrywide forecast errors.


The Predictability Of Real Estate Returns And Market Timing, Jianping Mei, Crocker H. Liu Jan 1994

The Predictability Of Real Estate Returns And Market Timing, Jianping Mei, Crocker H. Liu

Articles and Chapters

Recent evidence suggests that all asset returns are predictable to some extent with excess returns on real estate relatively easier to forecast. This raises the issue of whether we can successfully exploit this level of predictability using various market timing strategies to realize superior performance over a buy-and-hold strategy. We find that the level of predictability associated with real estate leads to moderate success in market timing, although this is not necessarily the case for the other asset classes examined in general. Besides this, real estate stocks typically have higher trading profits and higher mean risk-adjusted excess returns when compared ...


An Analysis Of Real-Estate Risk Using The Present Value Model, Crocker H. Liu, Jianping Mei Jan 1994

An Analysis Of Real-Estate Risk Using The Present Value Model, Crocker H. Liu, Jianping Mei

Articles and Chapters

The current study uses a present value model that allows for a time-varying expected discount rate in conjunction with a VAR process to decompose real-estate risk. The study finds that the variance of unexpected returns accounts for most of the total risk with cash-flow risk accounting for twice as much of the unexplained real-estate risk although discount rate risk is also an important factor. This dominance of cash-flow risk is found to result in a weaker mean reversion process for real estate relative to stocks. Another finding is that real estate investors tend to become apprehensive about the future when ...


Iowa Farmland Ownership And Tenure, 1982-1992: Analysis And Comparison, Ann Marie Schultz Jan 1994

Iowa Farmland Ownership And Tenure, 1982-1992: Analysis And Comparison, Ann Marie Schultz

Retrospective Theses and Dissertations

No abstract provided.


Regulatory Updates: Maine Public Utilities Commission, Land Use Regulatory Commission, Ralph Townsend, Ruth Robinson Jan 1994

Regulatory Updates: Maine Public Utilities Commission, Land Use Regulatory Commission, Ralph Townsend, Ruth Robinson

Maine Policy Review

No abstract provided.