Property Portfolio Management
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Recent papers in Property Portfolio Management
The managers of a growing wall of money are continuously searching for investment opportunities. The financialization literature describes how this mobile capital puts pressure on commodities, debt, public services and economic activities... more
The managers of a growing wall of money are continuously searching for investment opportunities. The financialization literature describes how this mobile capital puts pressure on commodities, debt, public services and economic activities to transform into investable, tradable, financial products. Regarding real estate these investigations show how opaque, local, non-standardized goods, highly depending on both local legislation and developments, have been transformed into liquid, globally traded financial assets. By analysing the real estate investment strategies of Dutch institutional investors since the 1980s, this paper shows how a quantitative framework increasingly provides the basis for institutional investors' real estate investment strategies. Direct ownership of properties has been exchanged into shares of properties, i.e. fictitious capital, creating an impetus for 'objectified numbers' to measure the performance of these indirect investments. As knowledge about real estate has been outsourced, Dutch institutional investors now perceive real estate increasingly as 'just another asset class', thereby increasing leverage and volatility. This paper not only shows how finance 'financialized' itself by adopting a quantitative investment perspective, it also offers an empirical account on how investment properties are transformed into financial assets that put pressure on state agencies to mobilize urban planning to deliver more of such assets.
Key words: financialization, pension funds, institutional investors, real estate, fictitious capital, investment strategies
Key words: financialization, pension funds, institutional investors, real estate, fictitious capital, investment strategies
Nigeria is a west African country with abundant natural resources and harbours a long term aspiration is to be among the top 20 economies in the global world by the year 2020. These lofty objectives can only be achieved and or realized... more
Nigeria is a west African country with abundant natural resources and harbours a long term aspiration is to be among the top 20 economies in the global world by the year 2020. These lofty objectives can only be achieved and or realized through the requisite mega and multiple infrastructural development projects, programs and portfolios within the Nigeria's built environment. Portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. However, Organizations still struggle with the resource sharing problem across projects as well as constant changes in their portfolios. Also, the rate at which many organizations' businesses and portfolios get abandoned or fold within one or two decades in Nigeria is worrisome. The aim of this research paper is to identify and discuss the factors shaping Project Portfolio management in Nigeria's built environment with a view of identifying, examining, and highlighting the impact of some selected factors on
Portfolio Analysis of Financial Market Risks by Random Set Tools https://www.academia.edu/187396 The eventological theory of decision-making, the theory of eventfull decision-making is a theory of decision-making based on eventological... more
Portfolio Analysis of Financial Market Risks by Random Set Tools
https://www.academia.edu/187396
The eventological theory of decision-making, the theory of eventfull decision-making is a theory of decision-making based on eventological principles and using results of mathematical eventology; a theoretical basis of the practical eventology. The beginnings of this theory which have arisen from eventfull representation of the reasonable subject and his decisions in the form of eventological distributions (E-distributions) of sets of events and which are based on the eventological H-theorem are offered. The illustrative example of the eventological decision-making by the reasonable subject on his own eventfull behaviour in the financial or share market is considered.
If you are interested in my work, and you have the opportunity to provide financial support for the publication of my book "Theory of experience and of chance as a theory of being," I ask you to use my PayPal account: paypal.me/EventologyTheory
https://www.academia.edu/187396
The eventological theory of decision-making, the theory of eventfull decision-making is a theory of decision-making based on eventological principles and using results of mathematical eventology; a theoretical basis of the practical eventology. The beginnings of this theory which have arisen from eventfull representation of the reasonable subject and his decisions in the form of eventological distributions (E-distributions) of sets of events and which are based on the eventological H-theorem are offered. The illustrative example of the eventological decision-making by the reasonable subject on his own eventfull behaviour in the financial or share market is considered.
If you are interested in my work, and you have the opportunity to provide financial support for the publication of my book "Theory of experience and of chance as a theory of being," I ask you to use my PayPal account: paypal.me/EventologyTheory
Purpose This study examined the performance of commercial and residential real estate investments in the Ibadan property market to provide information for investment decisions. Design/methodology/approach The study used a mixed research... more
Purpose
This study examined the performance of commercial and residential real estate investments in the Ibadan property market to provide information for investment decisions.
Design/methodology/approach
The study used a mixed research design (qualitative and quantitative). Data were obtained employing in-depth interviews with randomly selected sixteen estate surveyors and valuers practising in the Ibadan property market. Data for the study were analysed using the phenomenological thematic content analysis. Similarly, data on rental and capital values were translated to income, capital and holding period returns. The Kwiatkowski–Phillips–Schmidt–Shin (KPSS) and Philip–Perron (PP) models were used for unit root analysis. Ordinary least square (OLS) regression model was used to test for inflation-hedging characteristics, and the Granger causality tests were carried out to analyse the causal relationship between the variables.
Findings
The study revealed that the Ibadan property market is still immature. For the return components, the study found that the Ibadan property market provided mean holding period returns of 10.82%, 14.31 and 8.29% for office, shop and residential property types, respectively. The study also revealed that the selected property types are perverse hedges against inflation. Similarly, the study showed a unidirectional causal relationship between inflation and returns on the selected property types.
Practical implications
Results of this study revealed the peculiar nature of the Ibadan property market; findings from the survey can be used as a guide for investment decisions by foreign and domestic investors. Shrewd investors can take advantage of the high returns provided by the real estate assets in the Ibadan property market (by investing in the property market) to obtain high returns and expand their investment portfolio.
Originality/value
This study is the first to examine, in an eclectic and comparative context, the performance of commercial and residential properties in the Ibadan property market from the perspective of its market maturity level, returns profile, as well as its inflation-hedging characteristics. Findings from the study will equip both individual and institutional investors with valuable information for investment decisions.
This study examined the performance of commercial and residential real estate investments in the Ibadan property market to provide information for investment decisions.
Design/methodology/approach
The study used a mixed research design (qualitative and quantitative). Data were obtained employing in-depth interviews with randomly selected sixteen estate surveyors and valuers practising in the Ibadan property market. Data for the study were analysed using the phenomenological thematic content analysis. Similarly, data on rental and capital values were translated to income, capital and holding period returns. The Kwiatkowski–Phillips–Schmidt–Shin (KPSS) and Philip–Perron (PP) models were used for unit root analysis. Ordinary least square (OLS) regression model was used to test for inflation-hedging characteristics, and the Granger causality tests were carried out to analyse the causal relationship between the variables.
Findings
The study revealed that the Ibadan property market is still immature. For the return components, the study found that the Ibadan property market provided mean holding period returns of 10.82%, 14.31 and 8.29% for office, shop and residential property types, respectively. The study also revealed that the selected property types are perverse hedges against inflation. Similarly, the study showed a unidirectional causal relationship between inflation and returns on the selected property types.
Practical implications
Results of this study revealed the peculiar nature of the Ibadan property market; findings from the survey can be used as a guide for investment decisions by foreign and domestic investors. Shrewd investors can take advantage of the high returns provided by the real estate assets in the Ibadan property market (by investing in the property market) to obtain high returns and expand their investment portfolio.
Originality/value
This study is the first to examine, in an eclectic and comparative context, the performance of commercial and residential properties in the Ibadan property market from the perspective of its market maturity level, returns profile, as well as its inflation-hedging characteristics. Findings from the study will equip both individual and institutional investors with valuable information for investment decisions.
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