...James D. Shilling Divides investors into two types: tax‐paying investors and tax‐exempt pension funds. Tax‐paying investors will worry about the expected after‐tax variance of return on real estate, while tax‐exempt pension funds will worry about the expected pre‐tax variance of return. States...

...Elaine M. Worzala; Richard D. Johnson; Colin M. Lizieri Uses Monte Carlo simulation to demonstrate the benefits of employing a currency swap to hedge the exchange rate exposure in a single international real estate investment. The only cashflow exposed to the currency fluctuations...

... have been extensively used in real estate investment analyses, it appears that the APV has received little attention in the real estate literature. This is surprising because the reasons that render the APV preferable to the other two methods exist in most real investment situations. Provides...

...Ling Hin Li Real estate development and investment in China has become a strategy rather than an investment opportunity for most of the international investors. However, given the relatively short period of time in the development of the real estate market in China, there are still a lot...

... activity, and therefore the real estate processes, systems, procedures and relationships that characterize the real estate that support society’s space‐using economic and social activity. Information technology advances simultaneously introduce complexity and simplicity to the real estate sector. Now, we...

...Foort Hamelink; Martin Hoesli Tests the inflation‐hedging effectiveness of Swiss real estate. Four proxies for expected inflation are used, two of them being based on autoregressive conditional heteroscedasticity models (ARCH‐M and QTARCH). The series used to proxy for real estate returns...

... Excel, version 5. © Company 1995 Diversification Investment appraisal Portfolio planning Property Real estate Smoothing Estimates of the value of real property (real estate) as an element of the UK gross domestic product (GDP), indicate that it is a major asset class (see...

... Real estate Securities markets While the specific property securitization investment vehicle that is applicable is clearly dependent on the different legal structures, tax regimes and economic circumstances that prevail, the emergence of improved exit options via the use of securitization has...

... ]. © MCB UP Limited 1995 Assets Canada Equity finance Investment property portfolio Property markets Real estate United Kingdom Unit trusts Valuation This article does not intend to consider whether or not authorized property unit trusts will offer adequate long‐term returns...

...Chinmoy Ghosh; S. Guttery; C.F. Sirmans Olympia and York (O&Y), the world′s largest privately held real estate developer, filed for bankruptcy in Canada, the US and the UK in May 1992. The study of O&Y′s impact on banks′ financial performance is important because its financial difficulties...

... of property in the three countries. This article seeks to identify the main sources of equity and debt finance into the three largest European property markets – the French,German and UK real estate sectors – for the period 1985‐91. It identifies the major investment and funding groups, and the extent...

...Richard B. Jennings Describes the resurgence of the equity real estate investment trusts (REITs) which are becoming major sources of equity capital for debt reduction and for acquisitions of performing commercial and multi‐family residential property. Describes the objectives and characteristics...

...Nadine Tournois Surveys developments in legislation governing real estate transactions in France. Offers a brief analysis of the principal legal entities available and the forms of marketing for which they provide. Examines the various customary and specific forms of credit available. Deals...

...Francis Eubanks Introduces financial modelling for value by income approach analysis and income feasibility (rate of return) analysis techniques. Discusses real estate valuation based upon a reasonable projection of the income stream for income producing properties in the built environment...

...Wayne R. Archer; J. Sa‐Aadu; James D. Shilling Examines the practise of using zero coupon first mortgage notes to raise more capital than is needed to fund a particular real estate limited partnership. Explains the mechanism, with advantages and drawbacks. Provides a worked example. © MCB UP...

...Alan J. Pomerantz; Kevin Dolan Discusses the current condition of the market for US real estate caused by the decline in real estate values and the difficulties faced by US lenders. Discusses changes in the US tax laws aimed at addressing imbalances which give perceived advantages for non‐US...