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Credit Suisse Global Investment Returns Yearbook 2012

Tham khảo sách 'credit suisse global investment returns yearbook 2012', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả

8/30/2018 1:44:45 AM +00:00

Real EstateMortgage InvestmentConduits(REMICs)Reporting Information

Tham khảo sách 'real estatemortgage investmentconduits(remics)reporting information', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả

8/30/2018 1:44:45 AM +00:00

2012 Prestige MLS Luxury Real Estate Global Trends and Insights

This is because the evidence is clear that open trade and investment, underpinned by an effective framework of rules, delivers the best results for both developed and developing countries. It is good economics. And it has been the UK’s own experience too: increased trade with Europe since the early 1980s has added almost £3,300 a year to the net income of the average British household. The fastest growing emerging economies are now creating new opportunities for all to benefit further from trade and investment. Despite these benefits, there is an urgent need to restate the case for open markets because the insecurity that is a legacy of the...

8/30/2018 1:44:45 AM +00:00

Making the most of agricultural investment: A survey of business models that provide opportunities for smallholders

Tham khảo sách 'making the most of agricultural investment: a survey of business models that provide opportunities for smallholders', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả

8/30/2018 1:44:45 AM +00:00

Chinese Real Estate Investment In Italy: Procedure And Legal Issues

Britain has benefited from that global system over a long period of time. But we cannot afford to rely on history or sentiment if we are to earn our living. We cannot take it for granted that markets will remain open to our businesses, or that our businesses will always be able to take full advantage of the opportunities that exist. Government can help. The role of Government is to provide the conditions for private sector growth and investment, to use all the levers it has to break down barriers faced by industry both at home and abroad, and to promote a strong and credible global trading...

8/30/2018 1:44:45 AM +00:00

Working Papers in Real Estate & Planning 03/11

Internationally, it describes how we must work more intensively with the European Union and through our bilateral relationships with countries all around the world to shape an international environment that supports openness. It sets out how Governments can collaborate to manage new global challenges such as climate change, food security, natural resource pressures and the impact of new technologies. The UK can have particular impact here because, although the world is becoming more multilateral with a growing number of more powerful players, bilateral relations between countries remain as important as ever, and Britain’s strong bilateral relationships underpin our economy, our trade and investment success and our wider influence in...

8/30/2018 1:44:45 AM +00:00

An International Investment Regime? Issues of Sustainability

The White Paper also explains how, as we work to rebuild our own economy, we must redouble our efforts to enable developing countries to build their own paths to growth through trade and investment, and to help them develop the capacity to do so, especially in Africa. This is the right thing to do both on moral grounds and for Britain’s national interest. Finally, I would like to take this opportunity to acknowledge the hard work and commitment of Lord Brittan, Trade Adviser to the Prime Minister, who has guided the strategy set out in this White Paper. He, I, and the whole Government are convinced of one...

8/30/2018 1:44:45 AM +00:00

REAL ESTATE IN THE INVESTMENT PORTFOLIO: A report prepared for the Investment Strategy Council of the Royal Ministry of Finance

This document sets out a strategy for securing the benefits of greater openness for our economy, for British business, for the global economy and especially for the world’s poorest people. This White Paper is the Government’s initial statement to our trade and investment partners across the world about how we plan to work together for mutual benefit. It also sets out the Government’s commitment to addressing the barriers that hold businesses back from trading and investing, and to ensuring that the UK is one of the most attractive places in the world to invest and do business....

8/30/2018 1:44:45 AM +00:00

Personal Residential Real Estate Investment in Australia: Investor Characteristics and Investment Parameters

The UK is an open economy and an active and successful international trader and investor. But the UK’s reliance on debt-financed consumer and government spending, and on the financial sector, has driven growing imbalances in the UK economy. According to the OECD, by 2007 the UK had the largest structural budget deficit in the G7 group of countries. The current account deficit was around 2¾% of GDP in 2007, a figure that was offset by a 2¼% surplus on trade in financial services. The UK now needs to rebalance its economy, from the public to the private sector and toward increased exports and investment....

8/30/2018 1:44:45 AM +00:00

Handbook on Climate-Related Investing across Asset Classes

Access to imports improves the competitiveness of UK companies and spurs innovation. The ability to export expands the market available to businesses and enables them to grow. The UK has competitive strength in a variety of sectors vital to a modern economy. About half our trade is with the EU, another quarter with the rest of the developed world, mainly the US, and most of the rest is with the new emerging economies. While the share of UK trade with emerging economies has been growing, it has grown less rapidly than has been the case for other advanced economies. This represents an opportunity for the UK. Very...

8/30/2018 1:44:45 AM +00:00

Understanding Commercial Property Investment - IPF

The potential for growth in trade and investment over the next decade and beyond is huge, if protectionist pressures can be avoided and other challenges addressed. Bilaterally and multilaterally we will work to improve UK businesses’ access to opportunities. Our approach is global and will include markets where the UK is already strong, for example the EU Single Market, together with the fast-growing emerging markets that play an increasingly large role in global trade and investment. Britain is able to build upon its existing strong relationships with many countries across the world....

8/30/2018 1:44:45 AM +00:00

Understanding Commercial Property Investment

The effectively connected income of a foreign corporation or international investor is taxed on a net basis at graduated rates like those applicable to U.S. corporations, citizens, and residents. Generally, U.S. source income is ECI if one of two alternative tests -- the business-activities test and the assetuse test -- is met. The business-activities test looks to whether the activities of the U.S. business are a material factor in generating the income. The asset-use test looks to whether the income is derived from assets used or held for use in the conduct of a U.S. business. Both tests are applicable to income from real estate....

8/30/2018 1:44:45 AM +00:00

Global Research Sector – Real Estate Equities - UAE June 22, 2011

Discussions regarding the generation of abnormal profits through active trading have long held a prominent position in the finance literature. Beginning with Jensen (1968), a large literature has explored the ability of mutual fund managers to systematically picks stocks and time their investments so as to generate abnormal performance and justify the fees and expenses of active money management. Despite the volume of articles in this vein, evidence on the systematic ability of portfolio managers to generate abnormal profits has yielded results that are mixed at best, and generally negative. These findings are often ascribed to the fact that the stock market is overall generally considered to...

8/30/2018 1:44:45 AM +00:00

EDHEC European Real Estate Investment and Risk Management Survey

While the discussion of abnormal profit generation in inefficient markets can apply to any number of asset classes that trade in private markets, most of these markets suffer from a lack of data availability. The real estate market is an exception in this respect, and therefore provides an excellent laboratory for constructing a systematic view of whether and how informed institutional-level investors can generate abnormal profits through active trading in a somewhat inefficient market. Indeed, existing studies of the real estate market suggest that property markets display evidence of predictability (see e.g. Liu and Mei (1992, 1994), Barkham and Geltner (1995), Case and Shiller (1990), Case and...

8/30/2018 1:44:45 AM +00:00

Consultation on reforms to the real estate investment trust (REIT) regime: A) to explore the potential role social housing REITs could play to support the social housing sector; and B) to consider the tax treatment of REITs investing in REITs

Abnormal profits (or the lack thereof) for mutual funds in the stock market have been studied extensively in the literature (see e.g. Jensen (1968, 1969), Brown and Goetzmann (1995), Gruber (1996), Carhart (1997)). The common theme that emerges from these studies is that true riskadjusted abnormal profits are rare in stock portfolios held by mutual funds, and when found, such profits lack persistence. A useful methodology for examining abnormal performance is proposed by Daniel, Grinblatt, Titman and Wermers (1997), who distinguish between timing (the ability to be invested in broad portfolios representing a certain style when these outperform and to be out of them when they do...

8/30/2018 1:44:45 AM +00:00

Real Estate Investment Management Part II: Performance Attribution & Evaluation

In this study, we make use of a complete dataset of property trades by institutional-grade REITs who are legally mandated to report such trades to the SEC in their 10-K and 10-Q reports, thus providing both complete trading information and eliminating selection bias. We augment this information with a dataset of property trades made by portfolio managers of private entities, such as commingled real-estate funds, who have legally committed to disclose this information to a private data collector under a strict non-disclosure agreement. We thus are able to identify and analyze individual real estate property holdings and returns for a large set of public and private portfolio...

8/30/2018 1:44:45 AM +00:00

BNP paribas real estate guide to investing in germany

There are are a number of advantages to directly evaluating the portfolio of property holdings of REIT and private investors, rather than at the mutual funds of REITs (see e.g. Kallberg, Liu and Trzcinka (2000), Hartzell, M¨uhlhofer and Titman (2010) for studies of REIT mutual fund performance). As we are able to observe the individual property characteristics, we can design benchmarks that are better able to capture the particular characteristics of portfolio manager holdings. Knowing the timing of individual property transactions allows us to more accurately compute portfolio weights across time. Additionally, as is the case in exploring individual holdings in mutual funds in Daniel et al....

8/30/2018 1:44:45 AM +00:00

China Real Estate Investment Hangbook 2011 Edition

Using the property transaction data, we compute manager-specific characteristic timing and characteristic selectivity measures. We use property portfolio index returns at a CBSA level, a state level, a divisional level, a regional level and at the whole national level. The resulting characteristic timing and characteristic selectivity measures suggest that the vast majority of both public REIT and private portfolio managers possess little or even negative ability to successfully time their investments vis a vis the market regardless of the level of benchmark specialization. However, a small number of top quartile managers do appear to possess statistically significant ability to time the market at all levels of specialization....

8/30/2018 1:44:45 AM +00:00

OECD Working Papers on Insurance and Private Pensions No. 32: Pension Fund Investment in Infrastructure

Our regression models, however, can only explain a small amount of the variation in selection ability, suggesting that individual manager skill is likely an important driver of selection success. In contrast, while overall timing ability appears to be negligible or negative for the population of both public and private portfolio managers, portfolio characteristics can explain a larger portion of the variance in timing ability. Characteristic timing appears to be positively related to portfolio average property holding period for public portfolio managers, while it is negatively related to portfolio average property holding period for private portfolio managers. In contrast to the characteristic selectivity measures, our models for relating portfolio...

8/30/2018 1:44:45 AM +00:00

NOVGOROD REGIONAL INVESTMENT INITIATIVE LAND AND REAL ESTATE REFORM SECTOR FINAL REPORT

The contribution of our paper to the existing literature is threefold. First, our work contributes to the large literature exploring the generation of abnormal returns by portfolio managers. In exploring beyond the abilities of mutual fund managers to generate trading profits in public markets, our work contributes to an emerging literature that attempts to generate a systematic view of how potential trading profits are made in alternative asset markets (see e.g. Cochrane (2005), Kaplan and Schoar (2005), Ljungqvist and Richardson (2003), Gompers, Kovner, Lerner and Scharfstein (2008) in private equity and venture capital markets and Bond and Mitchell (2010) in real estate)....

8/30/2018 1:44:45 AM +00:00

MATRIX EUROPEAN REAL ESTATE INVESTMENT TRUST LIMITED

Second, our findings contribute to an emerging discussion in the real estate literature on the choice of portfolio specialization. To date, existing work has focused primarily on geographic diversification (see e.g. Hartzell, Sun and Titman (2010)). Our findings shed additional light on the importance of portfolio manager specialization in this industry. Finally, our work provides additional empirical support for the importance of financial intermediation in the gathering of specialized knowledge and efficiencies. REIT portfolio managers, who by definition specialize and concentrate solely on investment in the real estate market, appear to have much greater ability to select investments versus a benchmark of similar characteristics. Private portfolio managers, who...

8/30/2018 1:44:45 AM +00:00

Real Estate Investment: Latin America 2010

Property transactions data for private real estate portfolio managers are obtained from the National Council of Real Estate Investment Fiduciaries (NCREIF), which collects transaction-level data for for private entities (primarily pension funds). For a private pension fund, having one’s properties be part of NCREIF’s portfolio is generally considered highly desirable, in that this gives the fund prestige. Because NCREIF’s policy is to only report data on high-grade institutionalquality commercial real estate (which it uses for its flagship industry index, the NPI) being part of NCREIF’s database confirms a level of quality on the part of the investor....

8/30/2018 1:44:45 AM +00:00

Brazilian Commercial Real Estate Guide

It is not possible for an investor to report performance only in certain quarters and not in others, as some times happens with private equity; NCREIF membership constitutes a long-term commitment. Further, data reported by NCREIF members is treated by the organization under a strict non-disclosure agreement.2 Thus, manipulating performance numbers would be ineffective because this could not help the investor signal quality. Because NCREIF members are both willing and able to fully and confidentially report this data to NCREIF, this arrangement gives us the opportunity to examine trades in a large private asset market, in a more complete and unbiased way than the data used in past...

8/30/2018 1:44:45 AM +00:00

Brazil 2011 Real Estate and Land Investors Report

Real estate market returns, both aggregate and disaggregated, are obtained from the National Property Index (NPI) series, also compiled by NCREIF from this individual property data. The NCREIF NPI is considered the de-facto standard performance index for investible US commercial real estate. Index series are available on a national level, as well as disaggregated by region, division, state, CBSA, property type, property sub-type, and all possible interactions of these. In order to construct our measures of trading ability, we match properties with their respective indices at each level of aggregation....

8/30/2018 1:44:45 AM +00:00

Disciplined Growth

As our goal is to observe managers’ abilities to generate profits through active management, we employ only properties that were both bought and sold within the sample period, and thus for which we have round trip transaction returns. In future versions of the paper, we will relax this condition where possible to account for properties purchased within the sample period and not yet sold, as well as properties purchased prior to the start of the sample and sold with the sample period. Our data allow for many levels of disaggregation at both the geographical and property type levels, as well as their interactions. While this creates many...

8/30/2018 1:44:45 AM +00:00

Legal Guide for Foreign Investors in Brazil 2007 Edition

As our goal is to observe managers’ abilities to generate profits through active management, we employ only properties that were both bought and sold within the sample period, and thus for which we have round trip transaction returns. In future versions of the paper, we will relax this condition where possible to account for properties purchased within the sample period and not yet sold, as well as properties purchased prior to the start of the sample and sold with the sample period. Our data allow for many levels of disaggregation at both the geographical and property type levels, as well as their interactions. While this creates many...

8/30/2018 1:44:45 AM +00:00

Taxation of Open-End Real Estate Investment Structures for German Institutional Investors into Canada

Tham khảo sách 'taxation of open-end real estate investment structures for german institutional investors into canada', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả

8/30/2018 1:44:45 AM +00:00

Property-level Performance Attribution: Demonstrating A Practical Tool For Real Estate Investment Management Diagnostics

Tham khảo sách 'property-level performance attribution: demonstrating a practical tool for real estate investment management diagnostics', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả

8/30/2018 1:44:45 AM +00:00

Real Estate Investment Analysis - Version 11.0

As our goal is to observe managers’ abilities to generate profits through active management, we employ only properties that were both bought and sold within the sample period, and thus for which we have round trip transaction returns. In future versions of the paper, we will relax this condition where possible to account for properties purchased within the sample period and not yet sold, as well as properties purchased prior to the start of the sample and sold with the sample period. Our data allow for many levels of disaggregation at both the geographical and property type levels, as well as their interactions. While this creates many...

8/30/2018 1:44:45 AM +00:00

Market Timing and Investment Selection: Evidence from Real Estate Investors

Tham khảo sách 'market timing and investment selection: evidence from real estate investors', tài chính - ngân hàng, đầu tư bất động sản phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả

8/30/2018 1:44:45 AM +00:00