REAL ESTATE INVESTMENT. A CAPITAL MARKET APPROACH BROWN G.R. MATYSIAK G.A. Księgarnia

Real Estate Investment

A Capital Market Approach

1st Edition Gerald R. Brown G. Matysiak 2000 736 pages 0130-20063-8 (Paperback)

Description

Periodic worldwide economic turmoil over the last few decades has created an environment in which the degree of risk of investment assets is now an important factor in their evaluation. Real Estate Investment: A Capital Market Approach is the first text to examine the effect of such changes on real estate markets, taking an in-depth look at three major areas of financial and economic importance within the real estate profession:
ˇ The time value of money and the valuation of cash flows
ˇ Risk and return in real estate
ˇ Portfolio management

Real Estate Investment: A Capital Market Approach is aimed primarily at students on both undergraduate and postgraduate courses in property investment or finance and MBA real estate specialists. The text is also of interest to fund managers, property researchers and professional investment valuers.

Key Features

A unique feature of the book is its extensive use of empirical evidence, with ideas supported by research that has been undertaken using real property data. In addition, the authors have explored new areas by pushing back the boundaries of research, to encourage debate and provide a framework for the development of new ideas.

Contents

Introduction
Part 1: The time value of money and the valuation of cash flows
1. Valuation and financial theory: bridging the gap
2. Valuing cash flows
3. Simple freehold valuation models
4. Simple leasehold models
5. Mortgages and amortisation
6. The term structure of interest rates
7. Valuations and prices
8. Investment decision techniques
Part 2: Risk and return in real estate
9. Distribution characteristics of real estate returns
10. Risk, return and diversification
11. Constructing property portfolios
12. Valuation smoothing
Part 3: Portfolio management
13. The efficiency of the property market
14. Hedging against inflation
15. Developing a portfolio strategy
16. Performance measurement
17. Quantitative techniques
18. Some unanswered questions
Index

Gerald Brown is currently Professor of Real Estate Investment & Finance and Director of Real Estate Research at the National University of Singapore. He has also held chairs in both the UK and New Zealand. He was the first professor of Property at Auckland University where he established a Real Estate Research Unit. Professor Brown has undertaken a number of consultancy projects and has published numerous papers in international academic and professional journals on real estate investment, risk analysis and performance measurement. He is the author of Property Investment and the Capital Markets and is currently joint editor of the Journal of Property Investment and Finance. He is on the editorial board of a number of international refereed academic journals and has held a number of visiting positions at overseas universities.

George Matysiak is Director of Property Research at Business Strategies and a Senior Research Fellow at the City University Business School, London. He has previously held positions as a senior research analyst at Prudential Portfolio Managers in the UK and as a pension consultant. He has acted as consultant on real estate modelling and forecasting as well as other investment aspects to both UK and overseas clients. He is an active researcher and has published on valuation accuracy, property performance measurement and portfolio investment aspects in academic and professional journals. He is a member of the editorial boards of the Journal of Property Research and the Journal of Property Investment and Finance.

Visit the companion website for this book at:

http://www.booksites.net/brown

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czy wybrany tytuł polskojęzyczny lub anglojęzyczny jest aktualnie na półce księgarni.