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Asset allocation versus entrepreneurial decisions in real estate investment

Armonat, Stefan ; Pfnür, Andreas :
Asset allocation versus entrepreneurial decisions in real estate investment.
[Online-Edition: http://www.real-estate.bwl.tu-darmstadt.de/media/bwl9/dateie...]
In: Arbeitspapiere des Arbeitsbereichs Öffentliche Wirtschaft am Fachbereich Wirtschaftswissenschaften der Universität Hamburg, Band Nr. 30 . Arbeitsbereich Öffentliche Wirtschaft, Fachbereich Wirtschaftswissenschaften, Universität Hamburg , Hamburg
[Report], (2003)

Offizielle URL: http://www.real-estate.bwl.tu-darmstadt.de/media/bwl9/dateie...

Kurzbeschreibung (Abstract)

(Abstract) Although the application of capital market theory is questionable in real estate investment, many institutional investors still perform asset allocation with historic real estate data. Entrepreneurial investment analysis relies on a different information setting. To date it is unclear which approach, or what data set, offers the most efficient solutions for the use of capital. In order to evaluate policy recommendations for decision making in pension fund real estate investment, we describe an empirical investigation of the investment environment in Germany. We find that current market information restricts the application of capital market models. While the use of investment models and capital market models has been strictly separated, there is no theoretically justified reason for this. Investors have to be aware that they can determine performance parameters for real estate only as approximations. Therefore, it may be fruitful to consider and compare alternative parameter estimates for determining optimal real estate allocations in pension fund investment.

Typ des Eintrags: Report
Erschienen: 2003
Autor(en): Armonat, Stefan ; Pfnür, Andreas
Titel: Asset allocation versus entrepreneurial decisions in real estate investment
Sprache: Englisch
Kurzbeschreibung (Abstract):

(Abstract) Although the application of capital market theory is questionable in real estate investment, many institutional investors still perform asset allocation with historic real estate data. Entrepreneurial investment analysis relies on a different information setting. To date it is unclear which approach, or what data set, offers the most efficient solutions for the use of capital. In order to evaluate policy recommendations for decision making in pension fund real estate investment, we describe an empirical investigation of the investment environment in Germany. We find that current market information restricts the application of capital market models. While the use of investment models and capital market models has been strictly separated, there is no theoretically justified reason for this. Investors have to be aware that they can determine performance parameters for real estate only as approximations. Therefore, it may be fruitful to consider and compare alternative parameter estimates for determining optimal real estate allocations in pension fund investment.

Reihe: Arbeitspapiere des Arbeitsbereichs Öffentliche Wirtschaft am Fachbereich Wirtschaftswissenschaften der Universität Hamburg, Band Nr. 30
Ort: Hamburg
Verlag: Arbeitsbereich Öffentliche Wirtschaft, Fachbereich Wirtschaftswissenschaften, Universität Hamburg
Fachbereich(e)/-gebiet(e): Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete > Immobilienwirtschaft und Baubetriebswirtschaftslehre
Fachbereich Rechts- und Wirtschaftswissenschaften
Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete
Hinterlegungsdatum: 24 Aug 2009 17:18
Offizielle URL: http://www.real-estate.bwl.tu-darmstadt.de/media/bwl9/dateie...
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