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1
Sattarnusart, Warut. "Real Options in Real Estate Development Investment". Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-98100.
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Real estate development investment requires a large capital funding but it has slow payback with many risks and uncertainties in the investment. The current approach by using NPV to evaluate this type of investment is not adequate anymore. This is because NPV does not thoroughly capture the uncertainties in the investment and the method ignores the management flexibility whether to postpone or abandon the project in the future. An alternative approach that addresses these issues is to use real options to evaluate this type of investment. The thesis uses the real option model that was proposed by McDonald and Siegel (1986) to evaluate real estate development investment. The model captures value and cost uncertainty in the investment and considers that managements have the flexibility to defer the investment into the future. The thesis analyzes the model critically by sensitivity analyses and shows that using the model requires the input parameters to be carefully determined, especially the ones that relate to unit rental rate. Furthermore, the paper uses Monte Carlo simulation to determine the optimal ratio between value and cost which suggests that the investment should be deferred or invested now. The result shows that, in general, a real estate project should be invested when the value of the project doubles the cost. Also, the result from the simulation allows investors to adjust the ratio according to their risk behavior. Lastly, the thesis performs another Monte Carlo simulation in order to quantitatively identify the effect of the real option model on the investment decision. The result shows that using only the traditional NPV to evaluate the investment can lead to the wrong investment decision more than 90% of the time. Therefore, using both real options and NPV together can improve investment decisions on the real estate development project.
2
Wang, Qing S. M. Massachusetts Institute of Technology. "China's outbound real estate investment". Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/108831.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2017.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (page 59).
Since 2013, investors from the People's Republic of China (PRC) have made significant strides in the global real estate market, especially in developed regions such as North America, Australia, and Western Europe. From 2014 to 2016, this trend became stronger, and by 2016 Q3, China became the top cross-border real estate investment country by transaction volume. We ask the following question: After the prosperity of the last three years, will the global investment trends of PRC investors remain steady or not? This thesis first reviews the progress made by PRC investors in recent years and the key reasons for it. It then discusses PRC investors investment preferences and strategies. The discussion then focuses on includes pragmatic considerations of tax matters and domestic regulatory problems in the PRC. The thesis concludes by exploring new trends in the market and speculating about the future of cross-border real estate investments by PRC citizens.
by Qing Wang.
S.M. in Real Estate Development
3
Harder, Markus Manuel. "Flexibility in real estate investment". Thesis, University of Cambridge, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.608098.
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Oliveira, João Gonçalo Videira Santos de. "Real estate asset investment recommendation". Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/20079.
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Mestrado em FinançasO valor de um ativo imobiliário é afetado por diferentes variáveis como a sua localização, a sua área de construção, o seu projeto de arquitetura, e também a fase do ciclo imobiliário em que se encontra o mercado onde o ativo imobiliário está inserido. O Objetivo deste projeto é analisar e clarificar a situação de um ativo imobiliário, de que forma se poderia viabilizar a sua transação e encontrar a melhor forma de maximizar os retornos da operação. Esta recomendação de investimento é feita considerando a situação atual do ativo e com o objetivo de atingir o mais alto nível de retornos com a estrutura da operação proposta. Analisar e recomendar a melhor estrutura para a aquisição e desenvolvimento do ativo existente. O importante nesta análise será projetar no futuro as mais valias deste projeto, olhando para os cash-flows gerados pelo investimento feito. Num contexto atual de mercado onde os níveis de investimento no sector imobiliário batem recordes, pareceu-me relevante desenvolver este projeto. O crescimento do investimento estrangeiro tem sido acentuado, muito graças ao aumento do turismo e ao potencial de Portugal em muitas outras áreas. Hoje Portugal não é só conhecido pela sua história e clima, mas também como um País seguro e politicamente estável onde se investe cada vez mais.
The value of a real estate asset is affected by different variables such as its location, its total construction area, its architectural design, and the current phase of the real estate economic cycle. The objective of this project is to analyse and clarify the situation of a real estate asset, how its transaction could be made viable, and find the best way to maximize the returns of the venture. This investment recommendation is made considering the current asset situation with the aim to achieve the highest level of returns with the proposed transaction structure. As a result of the analysis a recommendation can be made with regard to the most suitable framework for the acquisition and development of the existing asset. A major element in this analysis will be to project the future capital gains of this project, looking at the predicted cash flows, resulting from the made investment. In the current market context where levels of real estate investments are breaking records, it seems relevant to develop this project. There has been a strong growth in foreign investment, mainly due to the increased tourism and Portugal’s excellent potential in various other areas. Today Portugal is not only known for its history and climate, but also as a safe and politically stable country, in which it’s worth investing into.
info:eu-repo/semantics/publishedVersion
5
Nenadál, Petr. "Specifika Real Estate Investment Trust". Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-149929.
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The thesis is aimed to describe and approach the REIT practice that is, especially in the U. S. very enhanced. In the first part, general parameters of real estate investment trusts are introduced and understated in connection with the depiction of the advantages and disadvantages of this issue. In chronological sequence, the development and progress of the U. S. real estate market is approached. The thesis further undertakes the current subject of the global financial crisis with a special focus on the REIT involvement and the potential application of the new EU directive - AIFMD (Alternative Investment Fund Managers Directive). This directive is expected to harmonize the joint investments. The objective of the thesis is a detailed description and specification of REIT in selected developed countries (U. S., Western Europe, and Australia) followed by a comparation of these regimes and an analysis of the considerable real estate investment companies in the Czech Republic including the financial analysis of the public joint-stock companies. A development of Czech real estate market during the mortgage crisis is also depicted and a market forecast is prognosed. The thesis concludes potential restraints of the REIT legal introduction in the Czech Republic as this corporative type has not been lawfully validated there.
6
Brosta, Claudie. "Der vertragliche Erwerb von Grundeigentum in Tschechien eine Untersuchung unter Berücksichtigung des deutschen und des österreichischen Rechts /". Wien : Berlin : Verlag Österreich ; Berlin-Verlag A. Spitz, 2000. http://catalog.hathitrust.org/api/volumes/oclc/47812238.html.
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Hatgipetros, Stephanie. "Real estate: The new investment vehicle". Staten Island, N.Y. : [s.n.], 2007. http://library.wagner.edu/theses/business/2007/thesis_bus_2007_hatgi_real.pdf.
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Addison, Jason Lawrence. "Real estate investment opportunities in Cuba". Thesis, Massachusetts Institute of Technology, 1996. http://hdl.handle.net/1721.1/62932.
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Ciller, Berk (Berk U. ). "Turkish residential real estate investment analysis". Thesis, Massachusetts Institute of Technology, 2007. http://hdl.handle.net/1721.1/42013.
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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2007.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (leaves 59-61).
This paper examines the investment potential for Turkish Residential Real Estate Market, focusing mainly on Istanbul. With a stable economy since 2002, dynamic population, geo-political location and the potential accession to EU, Turkey provides exciting opportunities to local and international investors. Turkish economy, worldwide, ranks at twentieth in terms of GDP level and in 2005, ULI/ PriceWaterhouseCoopers has ranked Istanbul as the top development market. The question the paper is trying to answer is: Does Turkey's Residential Real Estate Market provide an attractive investment opportunity? To determine this I have reviewed the following factors: economic forecasts, political stability, newly enacted mortgage market, FDI forecasts, potential for foreign real estate ownership, current status & future predictions of real estate sector, potential of EU accession and comparison to Spanish & Romanian real estate markets. The method I used to accomplish this was mainly literature review and interviews with real estate brokers/developers. Turkey's economic stability, developing mortgage market, continuing FDI, foreigners' investment in vacation houses, improving legal transparency and potential accession to European Union makes Turkey, especially Istanbul, an increasingly attractive market. On the other hand, political stability is crucial for economic stability. In addition, slow legal system, unregistered construction activity, insufficient quality of some buildings and limited infrastructure in certain parts of the country remain to be problematic issues. Considering Turkey's opportunities and risks, it is a top investment destination in Europe, dependent on sustainable political stability, an improved mortgage & legal system and successful implementation of EU accession plan.
by Berk Ciller.
S.M.in Real Estate Development
10
Wang, Yunqing. "Essays on Real Estate Investment Trusts". ScholarWorks@UNO, 2007. http://scholarworks.uno.edu/td/589.
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The first essay of this dissertation investigates the relationship between downside risk and returns of real estate investment trusts (REITs) and assesses the performance of real estate mutual funds (REMFs). We measure the asymmetric risk through downside and upside betas and through the measures incorporated higher moments such as coskewness and Leland's beta. We do not find significant contemporary relationship between the asymmetric risk and returns of REITs. There are only a small portion of REITs reacting to up and down market conditions differently. We find weak evidence that this asymmetric movement of REITs to market may be due to small and value components embedded in REITs. We evaluate the performance of real estate mutual funds (REMFs) from the asymmetric risk perception. According to our results, most of REMFs do not outperform the market. The downside risk helps to explain some of the abnormal returns associated with REMFs. However, the evaluation may be sensitive to the choices of the model and the market index being used. The second essay examines the liquidity of Asian REITs. We use various measures to assess the liquidity of JREITs and SREITs. The overall evidence indicates that the liquidity of JREITs is greater than that of SREITs. Comparing to non-REIT stocks, JREITs are less liquid than Japanese common stocks while there is no significant difference in liquidity between SREITs and Singaporean common stocks. There is also strong evidence that US REITs have smaller spreads and are traded more often than both JREITs and SREITs. We also find that the primary determinants of JREIT spreads are turnover and return volatility. The secondary factors that affect the spread of JREITs are life and property holdings. The dominant factors affecting SREITs' spreads are price, return volatility, and life. The significance of life suggests that there is a learning effect existed in both JREIT and SREIT markets in 2005.
11
Ennis, Jeffrey L. (Jeffrey Lake). "The institutional real estate clearinghouse : implications for institutional investment in real estate". Thesis, Massachusetts Institute of Technology, 1995. http://hdl.handle.net/1721.1/11393.
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Luo, Yun, i 骆韵. "The impact of real estate market transparency on the linkages between direct and indirect real estate". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/193467.
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Global investors often invest in publicly traded indirect real estate (IRE) such as Real Estate Investment Trust (REIT) and listed property companies rather than physical real estate asset in order to get exposure in foreign real estate markets for a number of reasons that mainly originated from the high transaction cost in the direct real estate (DRE) market. However, in reality IRE is not a perfect substitute of DRE and that the substitutability between IRE and DRE varies across markets. Very little is known about the factors that contributed to the variation. One possible contributing factor is the variation in the degree of real estate market transparency across markets, which is seldom examined in the previous studies. This thesis provides empirical evidence on the impact of real estate market transparency on the linkages between IRE and DRE.
This study examines two aspects of IRE-DRE linkages, namely, return (first moment) linkages and volatility (second moment) linkages. This thesis uses style analysis to measure return linkages and variance decomposition to measure volatility linkages. After that, the correlations between IRE-DRE linkages and Jones Lang LaSalle (JLL)’s global real estate market transparency index will be examined.
The empirical results show that the JLL global real estate market transparency index does have a positive impact on the linkages between IRE and DRE, especially on the volatility linkages. In addition, regulatory and legal transparency sub-index as well as real estate transaction process transparency sub-index have the strongest impact on both return and volatility IRE-DRE linkages.
A highly-developed legal system as well as consistent regulatory enforcement (as measured by the degree of fairness treatment towards both domestic and foreign investors) ensures that real estate investors’ rights are well protected and thus the values of the underlying real estate asset are reflected in the IRE, which strengthens the IRE-DRE linkages. In addition, having a well-functioning regulatory and legal framework also means that DRE market transaction information is reliable which can be used for more accurate valuations. This assists investors in valuing the IRE based on their audited financial statements and thus strengthens the IRE-DRE linkages.
Real estate transaction process transparency refers to market transparency in both pre-sale and spot real estate market. The presale market is essentially a forward market. Price information in the spot market can assist investors in assessing the future prospect of IRE and thus facilitates the price discovery process between the IRE and DRE. High transparency in the presale market therefore lead to stronger IRE-DRE linkages.
The findings of this study provide several implications for global investors and local policy makers. Though emerging markets, which have low market transparency, are playing a more and more significant role in international real estate investment portfolios, global investors should understand the limitation of investing IRE as a means to gain exposure in DRE since the IRE-DRE linkages are usually weak in emergent markets. On the other hand, policy makers should spend more efforts to increase real estate market transparency if they wish to attract investments from global investors. In particular, policy makers should aim at improving the regulatory and legal framework as well as enhancing the transaction process transparency.published_or_final_version
Real Estate and Construction
Master
Master of Philosophy
13
Chan, Shing-shun Dominic. "Analysis of the differences in the level & pattern of office investment yield between Hong Kong & London". Hong Kong : University of Hong Kong, 1991. http://sunzi.lib.hku.hk/hkuto/record.jsp?
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Lin, Jingquan. "Sources of real estate investment returns in Hong Kong /". Hong Kong : University of Hong Kong, 1999. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25939920.
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Leung, King-wai William. "Corporate investment strategy of property developers in Hong Kong /". Hong Kong : [University of Hong Kong], 1992. http://sunzi.lib.hku.hk/hkuto/record.jsp?B13335807.
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Zhao, Yuan Y. "Real estate mutual funds". Thesis, University of Aberdeen, 2015. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=227652.
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Lehr, Robert Joshua. "The impact of sovereign wealth investment on the commercial real estate investment market". Thesis, Massachusetts Institute of Technology, 2016. http://hdl.handle.net/1721.1/103451.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2016.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 65-66).
This thesis explores the relationship between Sovereign Wealth Fund participation in the United States and office risk premium. Over the past 10 years the commercial real estate industry has been the benefactor of a shifting tide in equity capital formation. Sovereign Wealth Funds, proliferating over the past 15 years, have discovered that commercial real estate is a well aligned asset class along side equities, bonds, and other alternative assets. With that said, Sovereign Wealth Funds are not typical sources of equity. Unlike private capital, sovereign capital receives special treatment in their home county as well as most recipient countries. For example, some advantages that Sovereign Wealth Funds enjoy over private sources include the following; no disclosure requirements, no stock/stake holders to report to, and limited or zero taxation. Additionally, due to the extreme ground swell of foreign reserves and current account balances, there is nearly zero obligation for the return of capital. With no direct need for a return of or on capital, many of these Sovereign Wealth Funds operate under an effective "indefinite" time horizon. Finally, as government entities, there may be non-economic strategic goals when informing the investment decision. Combining these issues of limited transparency, preferential taxation, limited discloser requirements, indefinite investment horizon, and noneconomic motivations, Sovereign Wealth Funds have a clear pricing advantage over privately sourced investment funds. After achieving a statistically significant regression model, this thesis quantifies the magnitude and character of this advantage by looking at the estimated market risk premium paid as a result of Sovereign Wealth Fund participation.
by Robert Joshua Lehr.
S.M. in Real Estate Development
18
Foo, Chester Ren Jie. "Biomass energy : a real estate investment perspective". Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/92608.
Pełny tekst źródłaStreszczenie:
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 75-76).
A central consideration in real estate is how value is created in real estate development and investment deals. A biomass power plant is not only an asset which generates revenues, but from a real estate perspective, it also creates additional value to the owners' existing farmlands. Biomass energy assets are similar to traditional real estate and infrastructure in a lot of ways. On the other hand, biomass energy assets are characterized by the feedstock fuel and multiple revenue generators such as sale of power, carbon credits and biomass ash. Furthermore, favorable regulatory policies make biomass energy assets more distinct and attractive. The current biomass investment market is a relatively young and evolving market. Southeast Asia has a huge potential for biomass investment. The market players are mostly dominated by investors and firms with specialized technical knowledge about renewable energy and/or traditional power production, and private equity and venture capital firms are not very active in this market. The lack of technical insight and information transparency are stopping these financial institutions from entering the market. Therefore the Biomass Valuation Model (BVM), developed in Excel®, allow the critical technical and financial components to communicate effectively, which would help to determine the viability of the biomass investment projects with greater certainty. The BVM would be able to generate financial outputs from the perspectives of real estate development, financial and economic conditions, and the biomass power generation technical process. This valuation model (BVM) would be helpful to investors, considering the amount of time and effort required in overcoming the technical barrier, hence providing investors the "first-mover" advantage in tapping into the biomass investment market.
by Chester Ren Jie Foo.
S.M. in Real Estate Development
19
Cheung, Wing-kit. "Foreign investment in the property industry in China /". Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25940272.
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Zhu, Hui. "The diversification benefits of Asian REITS". View electronic thesis, 2008. http://dl.uncw.edu/etd/2008-3/r1/zhuh/huizhu.pdf.
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Yong, Jaime L. P. "Economic linkages between Australian REITs and the commerical real estate market". Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2013. https://ro.ecu.edu.au/theses/577.
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Commercial property investments have been favoured by investors because of the portfolio diversification benefits and the ability for property investments to hedge against inflation. Australian Real Estate Investment Trusts (A-REITs) are market traded forms of property investments but do not suffer from the relative illiquidity, large investment requirements and transaction costs inherent in the ownership of direct property assets. In order for A-REITs to be effective substitutes for property investments, they should exhibit similar characteristics and respond to market forces in the same way as real estate. However, there are some differences which may mask the ability of A-REITs to represent property assets. Because they are market traded, many believe that A-REITs are more like stocks and less like real estate. In addition, the different pricing mechanisms of the private and public property markets increase the divide in the suitability of A-REITs as property substitutes. Within the A-REIT sector, the past decade has seen the emergence of two distinct trust structures: the traditional (externally-managed) type and stapled (internally-managed) trust.
This thesis aims to address the linkages between the private and public property markets, to examine how each are related over time to other financial assets namely; stocks and bonds, and the ability of both to be effective hedges against inflation. Issues associated with a smoothing bias when dealing with appraisal-based property market data are also addressed. The grouping for traditional and stapled A-REITs into separate indices instead of merely observing an overall A-REIT index enables the study to capture different relationships with related markets and economic variables.
Cointegration tests and Vector Error Correction Models are estimated to establish the long-run relationships of property and A-REIT prices and how returns adjust in the short-run. The main empirical results from this study reveal that stapled AREITs are consistent representatives of commercial real estate, and provide an efficient hedge against inflation. Traditional and stapled A-REITs display different linkages with the stock and bond markets in the long and short-term. The implications of the thesis findings are that both A-REITs types should be considered separately instead of relying on a general index comprised of the two. This will affect the decisions of portfolio managers and investors looking to substitute property with A-REITs in their portfolios, as well as property appraisers who look to information transmitted from the stock market when making valuations.
22
Nyström, Marcus, i Anna-Viktoria Lind. "Within Real Estate Diversification and Investment Strategies". Thesis, KTH, Fastigheter och byggande, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-98404.
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The efficient portfolios for the period 1993 – 2010 based on IPD data have a major portfolio weight in residential properties in the three largest regions Stockholm, Gothenburg and Malmo. The portfolio with the highest risk adjusted return (measured as the highest Sharpe-ratio) combines a large portfolio weight in residential properties with a small weight in industrial properties. During the time period of 2005 – 2010 a majority of the listed real estate companies held a real estate portfolio far below the efficient frontier based on the corresponding IPD data. These companies can increase their total return without taking on any more risk by using the concept of diversification. When including all available diversification categories two out of seven companies can be said to have an efficient real estate portfolio. When we excluded the outperforming residential asset class, however, none of the companies’ portfolios were in fact efficient. The real estate market is inefficient and thus results in the IPD data being less useful as it is based on transactions occurring in this inefficient market. Investors can, in this market, easily find properties with another risk and return profile than what IPD indicates is the market risk and return for a particular property type in a certain region. The inefficiency of the market, together with the IPD data being less useful, thus makes it difficult for the companies to focus on diversification in their investment strategy. Moreover, there are several reasons that explain the discrepancy between the actually held listed real estate portfolios and the optimal portfolio based on IPD data. Since each property is heterogeneous and possesses unique risks, investors are not able to accurately quantify the risk of each investment and thus rely more on their gut feeling. This also results in investors focusing on single investment opportunities rather than looking at all investments from a portfolio perspective.
23
Lind, Anna-Viktoria. "Within Real Estate Diversification and Investment strategies". Thesis, KTH, Fastigheter och byggande, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-102297.
Pełny tekst źródłaStreszczenie:
The efficient portfolios for the period 1993 – 2010 based on IPD data have a major portfolio weight in residential properties in the three largest regions Stockholm, Gothenburg and Malmo. The portfolio with the highest risk adjusted return (measured as the highest Sharpe-ratio) combines a large portfolio weight in residential properties with a small weight in industrial properties. During the time period of 2005 – 2010 a majority of the listed real estate companies held a real estate portfolio far below the efficient frontier based on the corresponding IPD data. These companies can increase their total return without taking on any more risk by using the concept of diversification. When including all available diversification categories two out of seven companies can be said to have an efficient real estate portfolio. When we excluded the outperforming residential asset class, however, none of the companies’ portfolios were in fact efficient. The real estate market is inefficient and thus results in the IPD data being less useful as it is based on transactions occurring in this inefficient market. Investors can, in this market, easily find properties with another risk and return profile than what IPD indicates is the market risk and return for a particular property type in a certain region. The inefficiency of the market, together with the IPD data being less useful, thus makes it difficult for the companies to focus on diversification in their investment strategy. Moreover, there are several reasons that explain the discrepancy between the actually held listed real estate portfolios and the optimal portfolio based on IPD data. Since each property is heterogeneous and possesses unique risks, investors are not able to accurately quantify the risk of each investment and thus rely more on their gut feeling. This also results in investors focusing on single investment opportunities rather than looking at all investments from a portfolio perspective.
24
Lands, Geoffrey C. (Geoffrey Christopher). "New trends in foreign real estate investment". Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/76008.
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Murray, Beniam 1968. "U.S. opportunistic investment in European real estate". Thesis, Massachusetts Institute of Technology, 2001. http://hdl.handle.net/1721.1/32209.
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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Architecture, 2001.Includes bibliographical references (leaves 79-85).
This thesis will look at the investment activities of US real estate opportunity funds after the collapse of the late 1980's and early 1990's and how their strategies have evolved over the last decade. It will investigate the strategies that these funds are currently employing in the attempt to maintain their high yield mandate and in particular will study issues affecting US capital flows into high yield European real estate investments. The body of the thesis will have four major sections. The first will investigate the history of US real estate opportunity funds and the economic conditions in the US and Europe that led to their creation. The second part of the thesis will describe what opportunity funds are and how they structure themselves legally, their capital structure and fees. This section will also attempt to describe deal types which opportunity funds have used to achieve their returns in the past. The third part of the thesis will describe the four largest economies in Europe from an economic, real estate, lease contract and taxation policy perspective. The fourth part of the thesis will build on the previous three and raise issues that will affect US opportunity funds that choose to invest in Europe.
by Beniam Murray.
S.M.
26
Pinto, Inês. "Essays on portuguese real estate investment funds". Doctoral thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/4258.
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Doutoramento em GestãoBased on a sample of Portuguese real estate investment funds (REIFs), we aim with this thesis to have a better understanding about different issues related to financial reporting quality for this type of investment vehicle. In the first essay, we present an overview of the legal framework, environment and evolution of the Portuguese real estate investment fund market in the last decade. We provide information about the special features of this vehicle, as well as market performance, in order to justify why we believe that Portuguese REIFs constitute a unique set to study questions such as accounting choice, financial reporting quality, managerial discretion and earnings conservatism. In the second essay, we analyse fund managers' behaviour regarding unrealised capital gains and losses recognition in order to investigate which factors may influence the related accounting choices. Additionally, we also examine if fund managers are more or less conservative in capital gains and losses recognition. Finally, in the last essay, we analyse if REIFs' fund managers strategically manage net asset value changes in order to avoid a decline in fund's net asset value or to outperform market benchmarks. Comparing open-end and closed-end REIFs, we also investigate how funds' structure influences earnings management.
Com base numa amostra de fundos de investimento imobiliário Portugueses, pretendemos com esta tese contribuir para um melhor conhecimento de questões relativas à transparência e qualidade da informação financeira para este tipo de instrumento financeiro. No primeiro estudo, descrevemos o enquadramento jurídico, características especiais e evolução da performance destes fundos. É nosso objectivo apresentar as razões que nos levam a acreditar que esta amostra constitui um campo de estudo único para analisar questões relacionadas com escolhas contabilísticas, qualidade da informação financeira, gestão de resultados e conservadorismo. No segundo estudo, analisamos o comportamento dos gestores dos fundos relativamente ao reconhecimento dos ganhos ou perdas de capitais não realizados, avaliando quais os factores que podem influenciar esse mesmo comportamento. Investigamos ainda se estes gestores são mais ou menos conservadores no reconhecimento de tais ganhos ou perdas. Finalmente, no último estudo, avaliamos se os gestores dos fundos gerem de forma estratégica os valores contabilísticos dos activos de forma a evitar uma redução no valor líquido global do fundo ou a ultrapassar um índice de mercado. Comparando os fundos abertos com os fundos fechados, analisamos também como é que a estrutura do fundo pode influenciar a gestão dos resultados.
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Cheremnykh, Anna. "INVESTMENT IN REAL ESTATE: PRAGUE CASE STUDY". Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-199519.
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This paper analyzes the influence of several factors on rental and purchase price of Real Estate in Prague. The idea is that purchase and rental price could be influenced by different factors. To make a decision about "buy to rent" investment it is necessary to consider both sides. The aim is to conduct thorough analysis to find out whether differential factors exist, and if so, what they are. The comparison of these factors and their separated effects helps to understand the total effect on potential profitability and to make right decision about attractive properties for "buy to rent" investment. The paper serves to inform investors who are making decisions about investment properties.
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Joo, Jeong Hwan. "Effects of real estate cycles on valuation of U.S. real estate investment trusts (REITs)". Thesis, University of British Columbia, 2013. http://hdl.handle.net/2429/44672.
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This study investigates the relation between accounting depreciation bias and equity valuation in a unique industry setting, Real Estate Investment Trusts (REITs). REITs report funds from operations (FFO), an industry standardized pro forma performance measure that is computed by excluding the depreciation expense of real properties from GAAP net income. Researchers have examined short-period samples and found inconclusive results on the relative ability of FFO and GAAP net income to explain the market value of equity. This dissertation attempts to explain their results by finding that depreciation expense, the largest reconciling item between FFO and net income, has different biases over the phases of real estate business cycles.
This study uses modeling techniques to develop an industry-specific valuation model for REITs. In this model, the difference between the valuation coefficients on FFO and depreciation expense captures accounting depreciation bias and varies over the phases of real estate cycles. This model presents a theoretical link between accounting depreciation bias and the relative ability of FFO versus net income to explain the market value of equity.
Using the REIT valuation model, this study empirically examines the impact of real estate cycles on accounting depreciation bias and on the relative ability of FFO and net income to explain the market value of equity. This study finds that FFO explains stock prices better than net income does in a market boom and that there is no significant difference in explanatory power between FFO versus net income in a market bust. Further results indicate that the valuation coefficients on FFO and depreciation expense have opposite sensitivities to a state variable that summarizes information on the real estate cycle phase during a year. These results partially reconcile the mixed results of prior studies across different time periods.
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van, de Wiel Wimjan, i Bock Felix Kristopher. "Real Estate Financing and Interest Rate Hedging : A quantitative real estate investment case study". Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-36235.
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Background: The expansive monetary policy of the European Central Bank has been leading to all-time-low interest rates and to a strong move into real estate investment. Low interest rates can work in favor of the investor (due to low interest rate expenditures), but increasing interest rates can jeopardize real estate investments. Since changes in interest rates are unpredictable, an investor needs to deal with this volatility. The capital market offers several financial instruments (so-called “derivatives”) to overcome the above-mentioned obstacle. There is no “one-size-fits-all” strategy. The investor needs to decide which financing structure to combine with which form of derivative. Purpose: The investigation not only explains and shows how real estate financing and hedging strategies on a given project in Germany can work but also explains why it is crucial to link these segments. To achieve this purpose, the return on equity and return cash flows at risk are numerically estimated. The evaluative purpose will be served by using the above-mentioned ratios and cash flows to derive recommendations of action. In doing so, this study will illustrate the importance of hedging, particularly for real estate investors and investors in general. Method: Interest rates on a monthly basis for the period of June 1990 until March 2017 from Thomson Reuters Eikon and real life data from a German real estate investor and a German financial institution were collected. Thereafter, these numbers were used as a basis to perform interest rate and cash flow simulations (Monte Carlo). The simulations were used to determine superior financing and hedging strategies for the investor. Conclusion: The results of this study highlight the benefits from leveraged financing and the necessity of interest rate risk management (hedging) to obtain stabilized future cash flows and reduce volatility caused by fluctuating interest rates. Fixed rate loans offer protection against rising interest rates, but lack flexibility. Floating loans offer more flexibility but are riskier due to the unhedged interest rate exposure.
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Zhai, Chuan. "Chinese institutional investment in U.S. real estate market". Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/101317.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2015.Cataloged from PDF version of thesis.
Includes bibliographical references (page 64).
Followed by huge amounts of small real estate investments from wealthy Chinese individuals, large institutional investors, like well-known insurance companies and developers, also started to step into the U.S. real estate market to make large profit since 2013. Apparently, the strong economy and relatively steady real estate market are the major attractions for both individual and institutional investors all around the world; however, compared with individual investors who care more about return and immigration, Chinese institutional investors focus more from the strategic standpoint especially when the current U.S. real estate market has such relatively high price and possibly would face another round of depression within a few years. This thesis will first look at all transaction details of large-scale real estate investments in major American cities to uncover the similarities and differences in terms of product types and geographic areas. And then, many reasons for the strong investment trend will be discussed on both macro- and micro-level. In addition, through interviews and literature reviews, specific real estate products, strategies, and investment methods will be discussed for each type of institutional investors. Finally, this thesis will compare Chinese institutional real estate investment nowadays with Japanese investors in the 1980s to find out the similarities and differences, and most importantly, what Chinese can learn from Japanese investors' failure and what is a good way to participate in the U.S. real estate market.
by Chuan Zhai.
S.M. in Real Estate Development
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Enciso, Huayek Lisseth. "Foreign institutional investment in Latin American real estate". Thesis, Massachusetts Institute of Technology, 2017. http://hdl.handle.net/1721.1/113481.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2017Cataloged from PDF version of thesis.
Includes bibliographical references (pages 67-69).
Latin America has witnessed many upheavals and controversies in the recent past. However, the region continues to show strong and stable growth as business carries on despite political and social turbulence. Local economies are open to foreign investment. Markets have developed in both depth and sophistication as first risk-seeking frontier investors and then larger Institutional Investors entered the market. Today, open economies, increased market transparency and liquidity, sophisticated local partners, the availability of debt financing from both local and global parties and a variety of structures provide opportunities for Foreign Institutional Investors (FIls) to invest capital in assets in Latin America with attractive risk-return profiles. This thesis will assess the five largest Latin American markets for FIs, describing their economies' evolution and the formation and development of the FDI market. Investing in Latin America has become a central pillar of many international corporations' and developed countries' economic strategies. Many North American, Asian, and European firms have material investments in Latin America's real estate sector. The thesis will outline a series of best practices to follow when sourcing opportunities and managing a portfolio of assets in Latin America, along with the risks that may be encountered.
by Lisseth Enciso Huayek.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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Zhou, Ye S. M. Massachusetts Institute of Technology. "Foreign institutional investment in China's real estate market". Thesis, Massachusetts Institute of Technology, 2019. https://hdl.handle.net/1721.1/123585.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2019Cataloged from PDF version of thesis.
Includes bibliographical references (pages 51-53).
The Chinese real estate market has been growing rapidly over the past decade and has become a popular destination for foreign institutional investors (FIls) including both the public and private entities such as sovereign wealth funds, pension funds, equity funds, banks and insurance firms. An increasing interest from global investors has been observed recently. The total property transaction volume of foreign institutional investment in mainland China set a new yearly record in 2018 and a new quarterly record in the first quarter of 2019. The main objective of this study is to identify the investor universe and the investment patterns of different types of FlIs in China's real estate market. Thorough analysis of the actual transaction data is performed to understand the investment behaviors and preferences in each major property sector including office, retail, industrial, apartment, hotel and site development. Company profiles and a few selected cases formost active investors in the market are reviewed to analyze the investment strategies. This research finds that institutions from the United States and Singapore have dominated the foreign investment field. Equity funds and investment managers are the most active players among all types of FIls. While the office sector is the most popular type, prime retail assets also have a few loyal followers. The development site lost it attractiveness but the industrial and the rental apartment sectors received tremendous attention in recent years. Following their investment guidelines, FIls demonstrate different risk tolerances by the investor type and also adopt various investment strategies for different property types. The study also provides analysis of future investment trends in the selected promising sectors and regions. The investment risks are assessed for FIIs who have been or will be in the Chinese real estate market.
by Ye Zhou.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate
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James, Matthew Gary Robert. "Decision making for investment in residential real estate". Thesis, Nelson Mandela Metropolitan University, 2015. http://hdl.handle.net/10948/10868.
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Investment in residential real estate involves almost all members of the public at some stage of their lives, whether this be one's first home or the purchasing of one‟s first investment property. Understanding how to maximise the return on one's investment is something that can benefit the investor from before the investment is made until after the property has been sold, if it is sold at all. Literature surveys have concluded that there are a number of variables to consider when maximising the return on investment. As residential real estate is not a perfect science, there are guidelines and routes that are more beneficial to the investor depending on the current market, environment and economic standing. A survey was undertaken by members of the public that are involved in residential real estate investment, relative to the maximisation of the return on investment in residential real estate. The salient findings include: Investors in residential real estate spend more than average to extensive time prior, to investment researching the chosen residential real estate property; Investors in residential real estate perform a feasibility study before committing to the development whereas; Investors in residential real estate make use of financial advisors/valuers/estate agents or other investors' knowledge bases in deciding whether to invest in a residential property development; Investors in residential real estate believe that their degree of knowledge about the residential property market and residential property investments are average to very high. Investors in residential real estate somewhat agree that residential real estate investors do not effectively manage their investments. It was recommended that investors make use of help and guidance when investing in residential real estate, perform a feasibility study and ensure that they know their market before investing in a project. It was also noted that location plays a large role when deciding on an investment opportunity worth investing into. By creating awareness and ensuring that all methods and guidelines have been used to maximise the returns that their proposed residential real estate investment, investors can ensure a stronger, healthier cash flow and reap the highest possible benefits from their residential real estate portfolio.
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Lai, Ka-lun Allen. "Determinants of capitalization rates with reference to the office market in Hong Kong : implications for urban design /". Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25803827.
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Chan, Yat-chung Desmond. "Difficulties and problems of property managers of investment properties in Beijing". Click to view the E-thesis via HKUTO, 2003. http://sunzi.lib.hku.hk/hkuto/record/B31969318.
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Lam, Hau-shing. "Modeling housing investment in Hong Kong". Hong Kong : University of Hong Kong, 1999. http://sunzi.lib.hku.hk/hkuto/record.jsp?B22360335.
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Man, King-fai. "The effects of political business cycle in the United States on Hong Kong's property market". Click to view the E-thesis via HKUTO, 2007. http://sunzi.lib.hku.hk/HKUTO/record/B39558836.
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Hui, Siu-wai Samuel. "A study on investment opportunities for real estate development in Shanghai, China /". Hong Kong : University of Hong Kong, 1994. http://sunzi.lib.hku.hk/hkuto/record.jsp?B2593983x.
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Harris, Joshua A. "Real Estate Investment Trust Performance, Efficiency and Internationalization". Doctoral diss., University of Central Florida, 2012. http://digital.library.ucf.edu/cdm/ref/collection/ETD/id/5290.
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Real Estate Investment Trusts (REITs) are firms that own and manage income producing commercial real estate for the benefit of their shareholders. The three studies in this dissertation explore topics relating to best practices of REIT management and portfolio composition. Managers and investors can use the findings herein to aide in analyzing a REIT's performance and determining optimal investment policies. Utilizing REIT from SNL Real Estate and CRSP, the first two studies examine the role of international diversification upon performance, technical efficiency, and scale efficiency. The third study utilizes REIT data to examine technical and scale efficiency over a 21 year window and investigates characteristics of the REITs that affect the levels of efficiency. CHAPTER 1 – PROFITABILITY OF REAL ESTATE INVESTMENT TRUST INTERNATIONALIZATION Real Estate Investment Trusts (REITs) in the United States have grown extremely fast in terms of assets and market capitalization since the early 1990's. As with many industries, U.S. REITs began acquiring foreign properties as their size grew and they needed to seek new investment opportunities. This paper investigates the role of holding foreign assets upon the total return of U.S. based REITs from 1995 through 2010. We find that holding foreign properties in associated with negative relative performance when risk, size, and other common market factors are controlled for. Interestingly, the source of the negative performance is not related to the two largest areas for foreign investment, Europe and Canada. Instead, the negative performance is detected when a REIT begins acquiring properties in other global regions such as Latin America and Asia/Pacific. This paper has broad ramifications for REIT investors and managers alike. CHAPTER 2 – EFFECT OF INTERNATIONAL DIVERSIFICATION BY U.S. REAL ESTATE INVESTMENT TRUSTS ON COST EFFICIENCY AND SCALE As U.S. based Real Estate Investment Trusts (REITs) have increased their degree and type of holdings overseas, there has yet to a study that has investigated such activity on the REIT's measures of cost efficiency and scale. Using data from 2010, Data Envelopment Analysis techniques are used to estimate measures of technical and scale efficiency that are then regressed against measures of international diversification and other controls to measure the impact of this global expansion. It is determined that REITs with foreign holdings are significantly larger than domestic REITs and are correspondingly 96% of foreign investing REITs are operating at decreasing returns to scale. Further almost every measure of foreign diversification is negative and significantly impacting scale efficiency. However, simply being a REIT with foreign holdings did positively and significantly associate with higher levels of technical efficiencies. Thus REITs that expand globally may have some advantages in operational efficiency but lose considerably in terms of scale efficiency by increasing their size as they move cross-border. ? CHAPTER 3 – THE EVOLUTION OF TECHNICAL EFFICIENCY AND ECONOMIES OF SCALE OF REAL ESTATE INVESTMENT TRUSTS Data Envelopment Analysis (DEA) is used to measure technical and scale efficiency of 21 years of Real Estate Investment Trust (REIT) data. This is the longest, most complete dataset ever analyzed in the REIT efficiency literature and as such makes a significant contribution as prior efficiency studies' data windows end in the early 2000's at latest. Overall, REITs appear to continue to operate at decreasing returns to scale despite rapid growth in total assets. Further, there is some evidence of improving technical efficiency overtime; however the finding is not strong. In summation, it appears that REITs have not improved on a relative basis despite the rapid growth, a finding that suggests a potential of a high degree of firm competition in the REIT industry. Finally, firm characteristics such as debt utilization, management and advisory structure, and property type specialization are tested for their impact upon technical and scale efficiency.ID: 031001577; System requirements: World Wide Web browser and PDF reader.; Mode of access: World Wide Web.; Adviser: Randy I. Anderson.; Title from PDF title page (viewed August 26, 2013).; Thesis (Ph.D.)--University of Central Florida, 2012.; Includes bibliographical references (p. 128-134).
Ph.D.
Doctorate
Business Administration
Business Administration; Finance
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Dalton, Oscar Leonard, i Harold Raymond DeMoss. "Foreign investment in the Atlanta real estate market". Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/73295.
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Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1988.Vitae.
Includes bibliographical references.
by Oscar Leonard Dalton, III and Harold Raymond DeMoss, III.
M.S.
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Evans, William R. (William Richard). "Canadian investment in the U.S. real estate market". Thesis, Massachusetts Institute of Technology, 1989. http://hdl.handle.net/1721.1/73304.
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Thesis (M.S.)--Massachusetts Institute of Technology, Dept. of Architecture, 1989.Title as it appeared in M.I.T. Graduate List, Sept. 1989: The Canadian developers investment in the U.S. real estate market.
Includes bibliographical references.
by William Richard Evans.
M.S.
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Dunne, Mark W. (Mark William), i Robert G. Mayhall. "Foreign investment in the Phoenix real estate market". Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/73296.
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Błaszczuk, Krzysztof (Krzysztof Aleksander). "Investment opportunities in green technology real estate projects". Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/72882.
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Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2012.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 40-41).
The real estate sector accounts for more than a third of global greenhouse gas emissions and potentially provides great opportunity for carbon reduction. Energy efficient and green buildings have a huge potential in transforming the property sector, and investors could benefit from that transformation through the greening of their real estate holdings and investing in green technology real estate developments. My work will further define this opportunity by investigating the real estate industry's relationship to sustainability and global greenhouse gas emissions through perspective of energy markets, demographical changes and different technologies in the energy efficiency sphere. Additionally my thesis will provide summary of research regarding willingness to pay for efficiency and sustainability measures both in the residential and commercial part of the market. Finally I will analyze main factors affecting demand and forces shaping investment opportunity.
by Krzysztof Błaszczuk.
S.M.
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Johnson, Derek Andrew 1970, i John Joseph 1963 Kiely. "Current trends in pension fund real estate investment". Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/59542.
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Thesis (M.S. in Real Estate)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1997 [first author]; and, (M.S. in Real Estate)--Massachusetts Institute of Technology, Dept. of Architecture, 1997 [second author].Includes bibliographical references (leaves 54-56).
by Derek Johnson and John Kiely.
M.S.in Real Estate
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Prima, Annisa Dian. "Corporate governance ans Asian real estate investment trusts". Thesis, University of Reading, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.632829.
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The Asian REIT industry has evolved significantly since its introduction in Japan in 2001. Asian REITs have provided investors with various benefits including high dividend yields, stable returns, portfolio diversification, improved liquidity, higher transparency and greater access to pan-Asian and global real estate markets. However, their benefits and future development may be clouded by potential agency problems that may arise from their externally managed organisational structure, business-relationships with sponsors and regulatory provisions. This thesis aims to investigate whether Asian REITs suffer from agency problems and examine the role of corporate governance in mitigating these problems. The impacts of corporate governance on Asian REIT performance and valuation are also analysed in this thesis. The analyses of this thesis are based on the four largest REIT markets in Asia, namely Japan, Singapore, Hong Kong and Malaysia. The results show that REITs with stronger corporate governance and investor protection are associated with higher firm valuation and better perfonnance. This thesis also provides evidence that some Asian REITs suffer from overinvestment. Nevertheless, the degree of over investment is reduced when REITs have strong corporate governance mechanisms in place. The findings further reveal that business-relationships with sponsors do not lead to expropriation of minority unit holders' wealth when investor protection is weak. Moreover, an increase in sponsor ownership does not incentivise sponsors to entrench themselves. In fact, sponsors are able to provide REITs with a wide range of support when they have equity stakes in the REIT. Overall, this thesis highlights the significance of corporate governance in mitigating the agency problems and improving Asian REIT performance and valuation.
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Acosta, Bernedo Otto Alonso, i Monteza Favio Montenegro. "Property taxation and real estate investment in Perú". THĒMIS-Revista de Derecho, 2017. http://repositorio.pucp.edu.pe/index/handle/123456789/108285.
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In the present article, the authors analyze the issues related to the Property Taxation on venues that have urban habilitation and/or buildingprojects.In order to accomplish that, the authors examine the basis of the right to build, describe the stages of the constructive administrative procedure as regulated in Law 29090 and, finally, comment on the recent precedent of the Tax Court whichregards the matter.En el presente artículo, los autores analizan la problemática del Impuesto Predial respecto de predios que cuentan con proyectos de habilitación urbana y/o edificación. Para ello, los autores examinan el fundamento del derecho a construir, describen las etapas del procedimiento administrativo constructivo regulado en la Ley 29090 y, finalmente, comentan el reciente precedente del Tribunal Fiscal al respecto.
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Posokhov, Igor Mikhailovich, Anna Potkalo i Catherine Pokryshko. "Investment risks in the global real estate market". Thesis, Ljubljana School of Business, 2019. http://repository.kpi.kharkov.ua/handle/KhPI-Press/42116.
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Blasi, Pau. "Cognitive and Emotional Bias in Real Estate Investment". Thesis, Paris Sciences et Lettres (ComUE), 2018. http://www.theses.fr/2018PSLED041/document.
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L’objectif principal de cette thèse est d’analyser comment les biais cognitifs et émotionnels affectent les décisions des investisseurs lorsqu’ils achètent ou vendent des immeubles de bureaux. Pour atteindre cet objectif, cette recherche adopte, dans un premier temps, une démarche qualitative. Les entretiens semi-structurés permettent de détecter et d’analyser les biais les plus importants qui apparaissent au cours de la transaction. Parmi les différents biais décelés « l’oubli de la fréquence de base » a été sélectionné. Ce biais peut apparaître avant l’acquisition lorsque les investisseurs évaluent la performance attendue d’un immeuble. Une analyse quantitative suit pour développer une échelle qui mesure l’effet du biais. Les résultats ont montré que l’incertitude conduit certains investisseurs à supposer que le rendement qu’ils obtiendront à la fin de leur investissement sera égal à celui du rendement initial. En d’autres termes, certains investisseurs estiment que les conditions du marché resteront les mêmes qu’aujourd’huiThe main objective of this thesis is to analyse how cognitive and emotional biases affect investor decisions when buying or selling office buildings. To meet this aim, this research embarks on a qualitative research. Semi-structured interviews permit to detect and analyse the most important biases that appear in the transactions. Among the different biases discovered, the "base-rate fallacy" was selected. This bias may appear before the acquisition when investors evaluate the expected performance of a building. A quantitative analysis follows to develop a scale that tries to measure the effect of the bias. The results showed that uncertainty leads some investors to assume that the yield they will obtain at the end of their investment will be equal to that of the initial yield. In other words, some investors believe that market conditions will remain the same as today
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Wong, Kwok-chun. "A theory of joint venture partnership in property investment : with special application to the profit sharing arrangements for property development in Hong Kong and the People's Republic of China /". Hong Kong : University of Hong Kong, 1992. http://sunzi.lib.hku.hk/hkuto/record.jsp?B20263077.
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Lam, Yuen-pik. "An analysis of the investment strategies of three major developers in Hong Kong /". View the Table of Contents & Abstract, 2006. http://sunzi.lib.hku.hk/hkuto/record/B36438418.
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