This article provides a robust and practical framework for assessing performance fees. The fee valuation uses standard option pricing models and therefore does not require any expected return or alpha estimate. These features make the framework easy to use, robust, and widely applicable to a variety of fee structures in practice. The authors discuss the incentive impact of performance fees and caution against the unintended consequences for manager behaviors. These implications are especially relevant today, as systematic investing is on the rise and asset owners are increasingly interested in the adoption of performance fees across a broader range of investment styles. TOPICS: Derivatives, options, manager selection, performance measurement Key Findings ▪ This article provides a practical framework for assessing performance fees based on standard option pricing models. The fee valuation does not require any expected return or alpha estimate, making this framework transparent, robust, and widely applicable. ▪ Using the framework, the authors show the incentive impact of performance fees and caution against the unintended consequences for manager behaviors. ▪ The article discusses the implications of performance fees in the context of systematic investing. This discussion is especially relevant today as asset owners are increasingly interested in the broader adoption of performance fee structures beyond traditional alternative investments.
{"title":"On the Valuation of Performance Fees and Their Impact on Asset Managers’ Incentives","authors":"Wei Dai, R. C. Merton, Savina Rizova","doi":"10.2139/ssrn.3686987","DOIUrl":"https://doi.org/10.2139/ssrn.3686987","url":null,"abstract":"This article provides a robust and practical framework for assessing performance fees. The fee valuation uses standard option pricing models and therefore does not require any expected return or alpha estimate. These features make the framework easy to use, robust, and widely applicable to a variety of fee structures in practice. The authors discuss the incentive impact of performance fees and caution against the unintended consequences for manager behaviors. These implications are especially relevant today, as systematic investing is on the rise and asset owners are increasingly interested in the adoption of performance fees across a broader range of investment styles. TOPICS: Derivatives, options, manager selection, performance measurement Key Findings ▪ This article provides a practical framework for assessing performance fees based on standard option pricing models. The fee valuation does not require any expected return or alpha estimate, making this framework transparent, robust, and widely applicable. ▪ Using the framework, the authors show the incentive impact of performance fees and caution against the unintended consequences for manager behaviors. ▪ The article discusses the implications of performance fees in the context of systematic investing. This discussion is especially relevant today as asset owners are increasingly interested in the broader adoption of performance fee structures beyond traditional alternative investments.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47085855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The high internal rates of return sought by private equity funds are highly sensitive to portfolio company holding periods. The authors examine the determinants of holding periods for a sample of European buyouts from 2000 to 2015. Their results establish that the average holding period has lengthened to 5.8 years in the period after the Global Financial Crisis. What explains this fact? The European sample allows the authors to control for both portfolio-company-level and fund-level differences. They first rule out that the increase is fully driven by changes in exit markets. Increased competition in European private equity markets remains a plausible complementary mechanism.
{"title":"Prolonged Private Equity Holding Periods: Six Years Is the New Normal","authors":"Juha Joenväärä, Juho Mäkiaho, Sami Torstila","doi":"10.2139/ssrn.2872585","DOIUrl":"https://doi.org/10.2139/ssrn.2872585","url":null,"abstract":"The high internal rates of return sought by private equity funds are highly sensitive to portfolio company holding periods. The authors examine the determinants of holding periods for a sample of European buyouts from 2000 to 2015. Their results establish that the average holding period has lengthened to 5.8 years in the period after the Global Financial Crisis. What explains this fact? The European sample allows the authors to control for both portfolio-company-level and fund-level differences. They first rule out that the increase is fully driven by changes in exit markets. Increased competition in European private equity markets remains a plausible complementary mechanism.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2139/ssrn.2872585","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48042548","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article compares and contrasts investments in residential, farmland, and commercial real estate. We also compare real estate investments to more traditional investments in stocks, bonds, commodities, and alternative assets. Price-change returns, rental returns, and total returns from 1991 through 2018 are the focus of the analysis. Including rent is important because rent makes up a significant part of the returns. We include empirically derived implicit net rent data from owner-occupied residences and owner-occupied farmland in the analysis. TOPIC: Real estate Key Findings • High Returns. All three real estate categories did well. But farm real estate had the highest average returns, and the average farm price did not dip during the 2008–2009 subprime mortgage crisis. • Riskiest. Commercial real estate was the riskiest category of real estate investment between 2003 and 2019. And it suffered the largest price dip during the subprime mortgage crisis. • Resolving Uncertainty. Because real estate is relatively illiquid, it is difficult to measure the year to year returns precisely. However, our overall returns from rent and price changes are more informative.
{"title":"Real Estate Returns","authors":"J. C. Francis, R. Ibbotson","doi":"10.3905/jai.2020.1.111","DOIUrl":"https://doi.org/10.3905/jai.2020.1.111","url":null,"abstract":"This article compares and contrasts investments in residential, farmland, and commercial real estate. We also compare real estate investments to more traditional investments in stocks, bonds, commodities, and alternative assets. Price-change returns, rental returns, and total returns from 1991 through 2018 are the focus of the analysis. Including rent is important because rent makes up a significant part of the returns. We include empirically derived implicit net rent data from owner-occupied residences and owner-occupied farmland in the analysis. TOPIC: Real estate Key Findings • High Returns. All three real estate categories did well. But farm real estate had the highest average returns, and the average farm price did not dip during the 2008–2009 subprime mortgage crisis. • Riskiest. Commercial real estate was the riskiest category of real estate investment between 2003 and 2019. And it suffered the largest price dip during the subprime mortgage crisis. • Resolving Uncertainty. Because real estate is relatively illiquid, it is difficult to measure the year to year returns precisely. However, our overall returns from rent and price changes are more informative.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46643904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Practical Applications In Measuring the Carbon Exposure of Institutional Investors, from the Summer 2020 issue of The Journal of Alternative Investments, authors Darwin Choi, Zhenyu Gao, and Wenxi Jiang (all of The Chinese University of Hong Kong) present a simple way to measure how heavily institutional portfolios tilt toward or away from stocks of high-carbon-emission firms. They consider two data sources: MSCI’s firm-based Carbon Emission Score and the UN Intergovernmental Panel on Climate Change’s (IPCC) industry classification system. They find that MSCI’s data are less useful because they focus on cleaner firms and create a skewed impression of falling emissions over time. In contrast, the IPCC tracks all US firms, classifies them as high- or low-carbon by industry, and has maintained a constant methodology over time. Choi, Gao, and Jiang combine the IPCC’s data with data from other sources to designate companies in certain industry sectors as high-carbon emitters. They then analyze institutional portfolios and use a formula to determine whether such portfolios tilt toward or away from stocks in those industries. They find that, on average, institutional portfolios were weighted toward high-carbon stocks until 2015—when their high-carbon holdings dropped sharply. Since then, institutional portfolios’ carbon weightings have remained lower than the market average.
《衡量机构投资者碳敞口的实际应用》（Practical Applications In Measureing the Carbon Exposure of Institutional Investors），载于《另类投资杂志》2020年夏季版，作者Darwin Choi、Zhenyu Gao和Wenxi Jiang（均来自香港中文大学）提供了一种简单的方法来衡量机构投资组合在多大程度上倾向于或远离高碳企业的股票。他们考虑了两个数据来源：MSCI基于公司的碳排放评分和联合国政府间气候变化专门委员会（IPCC）的行业分类系统。他们发现，摩根士丹利资本国际的数据用处不大，因为它们关注的是更清洁的公司，并造成了排放量随时间下降的扭曲印象。相比之下，IPCC跟踪所有美国公司，按行业将其归类为高碳或低碳，并随着时间的推移保持不变的方法。Choi、Gao和Jiang将IPCC的数据与其他来源的数据相结合，将某些行业的公司指定为高碳排放者。然后，他们分析机构投资组合，并使用一个公式来确定这些投资组合是倾向于还是远离这些行业的股票。他们发现，平均而言，机构投资组合一直倾向于高碳股票，直到2015年，它们的高碳持股量急剧下降。自那以后，机构投资组合的碳权重一直低于市场平均水平。
{"title":"Practical Applications of Measuring the Carbon Exposure of Institutional Investors","authors":"Darwin Choi, Zhenyu Gao, Wenxi Jiang","doi":"10.3905/jai.22.s4.035","DOIUrl":"https://doi.org/10.3905/jai.22.s4.035","url":null,"abstract":"Practical Applications In Measuring the Carbon Exposure of Institutional Investors, from the Summer 2020 issue of The Journal of Alternative Investments, authors Darwin Choi, Zhenyu Gao, and Wenxi Jiang (all of The Chinese University of Hong Kong) present a simple way to measure how heavily institutional portfolios tilt toward or away from stocks of high-carbon-emission firms. They consider two data sources: MSCI’s firm-based Carbon Emission Score and the UN Intergovernmental Panel on Climate Change’s (IPCC) industry classification system. They find that MSCI’s data are less useful because they focus on cleaner firms and create a skewed impression of falling emissions over time. In contrast, the IPCC tracks all US firms, classifies them as high- or low-carbon by industry, and has maintained a constant methodology over time. Choi, Gao, and Jiang combine the IPCC’s data with data from other sources to designate companies in certain industry sectors as high-carbon emitters. They then analyze institutional portfolios and use a formula to determine whether such portfolios tilt toward or away from stocks in those industries. They find that, on average, institutional portfolios were weighted toward high-carbon stocks until 2015—when their high-carbon holdings dropped sharply. Since then, institutional portfolios’ carbon weightings have remained lower than the market average.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42437072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Practical Applications In Is “Greenness” Priced in the Market? Evidence form Green Bond Issuance in China, published in the Summer 2020 issue of The Journal of Alternative Investments, Zhiyao Deng of the London School of Economics and Dragon Yongjun Tang and Yupa Zhang of the University of Hong Kong examine characteristics of the green bond market using a novel dataset from China. The unique data on green bonds in the Chinese database indicate what proportion of the bond proceeds the issuer intends to use for green initiatives. This detail is absent from the datasets examined in previous studies about other countries, and its inclusion here allows for an investigation into concerns about greenwashing. In particular, after controlling for other variables that impact bond yields, the authors assess whether the degree of “greenness” impacts premiums. Additionally, they can observe the value, reflected in a higher bond price, created by independent companies (known as verifiers) that assess the environmental impact of green bonds.
{"title":"Practical Applications of Is “Greenness” Priced in the Market? Evidence from Green Bond Issuance in China","authors":"Zhiyao Deng, Tang Yongjun, Yupa Zhang","doi":"10.3905/jai.22.s4.034","DOIUrl":"https://doi.org/10.3905/jai.22.s4.034","url":null,"abstract":"Practical Applications In Is “Greenness” Priced in the Market? Evidence form Green Bond Issuance in China, published in the Summer 2020 issue of The Journal of Alternative Investments, Zhiyao Deng of the London School of Economics and Dragon Yongjun Tang and Yupa Zhang of the University of Hong Kong examine characteristics of the green bond market using a novel dataset from China. The unique data on green bonds in the Chinese database indicate what proportion of the bond proceeds the issuer intends to use for green initiatives. This detail is absent from the datasets examined in previous studies about other countries, and its inclusion here allows for an investigation into concerns about greenwashing. In particular, after controlling for other variables that impact bond yields, the authors assess whether the degree of “greenness” impacts premiums. Additionally, they can observe the value, reflected in a higher bond price, created by independent companies (known as verifiers) that assess the environmental impact of green bonds.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47597946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article provides the first large-sample analysis of buyout and venture capital fund values over their lifetimes. Specifically, the authors examine fund future investment multiples (TVPIs), internal rates of return (IRRs), and direct alphas based on the current reported net asset values (NAVs) at each year of a fund’s life. Using a sample of 1,400 mature buyout and VC funds, they find that the typical fund experiences a falloff in future returns after it is about seven to eight years old. However, the remaining performance is highly variable for funds of all ages, and the dispersion in returns also tends to increase after funds are about eight years old. They examine the cross-sectional determinants of the remaining fund value and find that several fund-specific and market-wide factors determine future performance and that these vary by type and age of fund. For example, young funds tend to be harmed by high market-wide dry powder levels, whereas older funds appear to benefit. TOPICS: Private equity, performance measurement Key Findings ▪ The typical fund experiences a falloff in returns after it is about seven to eight years old. This is true for both VC and buyout funds. ▪ Contrary to common wisdom, the cross-sectional dispersion of fund performance measured by future internal rate of return and direct alpha tends to increase, not decrease, for funds more than five years old. ▪ A wide variety of market-wide and fund-specific factors predict future fund performance. These include to-date distributions, dry powder, previous fund performance, fund size, general partner fundraising activity, previous public market stock returns, and credit spreads. Relevant factors are different for VC funds and buyout funds and can vary systematically over funds’ life cycles.
{"title":"The Evolution of Private Equity Fund Value","authors":"Gregory W. Brown, W. Hu, Jian Zhang","doi":"10.2139/ssrn.3621407","DOIUrl":"https://doi.org/10.2139/ssrn.3621407","url":null,"abstract":"This article provides the first large-sample analysis of buyout and venture capital fund values over their lifetimes. Specifically, the authors examine fund future investment multiples (TVPIs), internal rates of return (IRRs), and direct alphas based on the current reported net asset values (NAVs) at each year of a fund’s life. Using a sample of 1,400 mature buyout and VC funds, they find that the typical fund experiences a falloff in future returns after it is about seven to eight years old. However, the remaining performance is highly variable for funds of all ages, and the dispersion in returns also tends to increase after funds are about eight years old. They examine the cross-sectional determinants of the remaining fund value and find that several fund-specific and market-wide factors determine future performance and that these vary by type and age of fund. For example, young funds tend to be harmed by high market-wide dry powder levels, whereas older funds appear to benefit. TOPICS: Private equity, performance measurement Key Findings ▪ The typical fund experiences a falloff in returns after it is about seven to eight years old. This is true for both VC and buyout funds. ▪ Contrary to common wisdom, the cross-sectional dispersion of fund performance measured by future internal rate of return and direct alpha tends to increase, not decrease, for funds more than five years old. ▪ A wide variety of market-wide and fund-specific factors predict future fund performance. These include to-date distributions, dry powder, previous fund performance, fund size, general partner fundraising activity, previous public market stock returns, and credit spreads. Relevant factors are different for VC funds and buyout funds and can vary systematically over funds’ life cycles.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49054796","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Practical Applications In Green Bonds and Green Bond Funds: The Quest for the Real Impact, from the Summer 2020 issue of The Journal of Alternative Investments, author Gabor Gyura (of the University of Pecs in Hungary) investigates whether the rise of green bonds can be expected to lead to the completion of more environmentally friendly projects. Green bond issuance has grown dramatically in recent years, and green bond mutual funds are working hard to catch up. However, Gyura notes that not all green bonds finance high-profile environmental efforts like climate change mitigation, and some green bond funds invest more heavily than others in bonds that specifically fund such projects. Gyura also conducted a worldwide survey of bond issuers to determine whether issuing green bonds helped them complete more green projects. His results suggest the answer is no. Most respondents said their green projects would have been completed whether they had issued bonds labeled as green or not—and the main reason they issue green-labeled bonds is to improve their reputation and help them enter the green-finance market. Therefore, Gyura says there is little evidence that the growth of the green bond market will help to complete more green projects.
{"title":"Practical Applications of Green Bonds and Green Bond Funds: The Quest for the Real Impact","authors":"Gábor Gyura","doi":"10.3905/jai.22.s4.032","DOIUrl":"https://doi.org/10.3905/jai.22.s4.032","url":null,"abstract":"Practical Applications In Green Bonds and Green Bond Funds: The Quest for the Real Impact, from the Summer 2020 issue of The Journal of Alternative Investments, author Gabor Gyura (of the University of Pecs in Hungary) investigates whether the rise of green bonds can be expected to lead to the completion of more environmentally friendly projects. Green bond issuance has grown dramatically in recent years, and green bond mutual funds are working hard to catch up. However, Gyura notes that not all green bonds finance high-profile environmental efforts like climate change mitigation, and some green bond funds invest more heavily than others in bonds that specifically fund such projects. Gyura also conducted a worldwide survey of bond issuers to determine whether issuing green bonds helped them complete more green projects. His results suggest the answer is no. Most respondents said their green projects would have been completed whether they had issued bonds labeled as green or not—and the main reason they issue green-labeled bonds is to improve their reputation and help them enter the green-finance market. Therefore, Gyura says there is little evidence that the growth of the green bond market will help to complete more green projects.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42681329","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Practical Applications In Green Bond Pricing: The Search for Greenium from the Summer 2020 issue of The Journal of Alternative Investments, authors Candace Partridge and Francesca Romana Medda (both of University College London) explore whether green bonds—those that support environmentally sustainable projects like clean-energy production—can fetch high prices and provide competitive returns. The authors ask whether there is a green premium—or “greenium”—in the pricing or performance of green municipal bonds and find that generally they fetch the same up-front price as nongreen bonds in the primary market but provide higher returns on the secondary market. Partridge and Medda say this difference exists because governments sell bonds primarily to a small number of institutional investors on the primary market, whereas a wider range of investors can buy on the secondary market. More competition for green bonds equals more demand, which raises prices and produces more visible greenium. In the primary market, the main benefit of green bonds may be to raise the profile among ESG investors of the issuing cities and states.
{"title":"Practical Applications of Green Bond Pricing: The Search for Greenium","authors":"Candace Partridge, Medda Francesca Romana","doi":"10.3905/jai.22.s4.031","DOIUrl":"https://doi.org/10.3905/jai.22.s4.031","url":null,"abstract":"Practical Applications In Green Bond Pricing: The Search for Greenium from the Summer 2020 issue of The Journal of Alternative Investments, authors Candace Partridge and Francesca Romana Medda (both of University College London) explore whether green bonds—those that support environmentally sustainable projects like clean-energy production—can fetch high prices and provide competitive returns. The authors ask whether there is a green premium—or “greenium”—in the pricing or performance of green municipal bonds and find that generally they fetch the same up-front price as nongreen bonds in the primary market but provide higher returns on the secondary market. Partridge and Medda say this difference exists because governments sell bonds primarily to a small number of institutional investors on the primary market, whereas a wider range of investors can buy on the secondary market. More competition for green bonds equals more demand, which raises prices and produces more visible greenium. In the primary market, the main benefit of green bonds may be to raise the profile among ESG investors of the issuing cities and states.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44065211","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Westcott, J. Ward, S. Surminski, P. Sayers, D. Bresch, Bronwyn Claire
Practical Applications In Be Prepared: Exploring Future Climate-Related Risk for Residential and Commercial Real Estate Portfolios, from the Summer 2020 issue of The Journal of Alternative Investments, Mark Westcott of Vivid Economics, John Ward of Pengwern Associates, Swenja Surminsky of Vivid Economics, Paul Sayers of Sayers and Partners, David Bresch of ETH Zurich, and Bronwyn Claire of the Cambridge Institute for Sustainability Leadership demonstrate the beneficial uses of two climate change models. A primary benefit of using these models is to effect a social change whereby builders and property owners adopt climate adaptation measures at a faster pace. The models expose the physical risks of real estate properties and estimate the risk reduction due to climate adaptation measures. The authors discuss several adaptation methods to mitigate the exposed risks, and their results illustrate the importance of doing so. The results provide a stark comparison between the estimated costs of mitigated and unmitigated damage occurring across a wide range of future temperature scenarios.
准备中的实际应用:探讨住宅和商业房地产投资组合的未来气候相关风险，来自《另类投资杂志》2020年夏季号，生动经济的马克·韦斯科特、Pengwern Associates的约翰·沃德、生动经济的斯文加·苏明斯基、Sayers and Partners的保罗·塞耶斯、苏黎世联邦理工学院的大卫·布雷什和剑桥可持续发展领导力研究所的布朗温·克莱尔展示了两种气候变化模型的有益用途。使用这些模型的一个主要好处是促进社会变革，使建筑商和业主更快地采取适应气候变化的措施。这些模型揭示了房地产的物理风险，并估计了由于气候适应措施而降低的风险。作者讨论了几种缓解暴露风险的适应方法，他们的结果说明了这样做的重要性。结果提供了在未来大范围温度情景下减轻和未减轻损害的估计成本之间的鲜明对比。
{"title":"Practical Applications of Be Prepared: Exploring Future Climate-Related Risk for Residential and Commercial Real Estate Portfolios","authors":"M. Westcott, J. Ward, S. Surminski, P. Sayers, D. Bresch, Bronwyn Claire","doi":"10.3905/jai.22.s4.033","DOIUrl":"https://doi.org/10.3905/jai.22.s4.033","url":null,"abstract":"Practical Applications In Be Prepared: Exploring Future Climate-Related Risk for Residential and Commercial Real Estate Portfolios, from the Summer 2020 issue of The Journal of Alternative Investments, Mark Westcott of Vivid Economics, John Ward of Pengwern Associates, Swenja Surminsky of Vivid Economics, Paul Sayers of Sayers and Partners, David Bresch of ETH Zurich, and Bronwyn Claire of the Cambridge Institute for Sustainability Leadership demonstrate the beneficial uses of two climate change models. A primary benefit of using these models is to effect a social change whereby builders and property owners adopt climate adaptation measures at a faster pace. The models expose the physical risks of real estate properties and estimate the risk reduction due to climate adaptation measures. The authors discuss several adaptation methods to mitigate the exposed risks, and their results illustrate the importance of doing so. The results provide a stark comparison between the estimated costs of mitigated and unmitigated damage occurring across a wide range of future temperature scenarios.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47797324","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-06-30DOI: 10.3905/jai.2020.23.1.008
Darwin Choi, Zhenyu Gao, Wenxi Jiang
1. Darwin Choi 2. Zhenyu Gao 3. Wenxi Jiang 1. To order reprints of this article, please contact David Rowe at d.rowe{at}pageantmedia.com or 646-891-2157. In the past decade, not only did the average global temperature and the occurrence of climate-related disasters increase but
{"title":"INVITED EDITORIAL COMMENT: Climate Change Implications for the Asset Management Industry","authors":"Darwin Choi, Zhenyu Gao, Wenxi Jiang","doi":"10.3905/jai.2020.23.1.008","DOIUrl":"https://doi.org/10.3905/jai.2020.23.1.008","url":null,"abstract":"1. Darwin Choi\u00002. Zhenyu Gao\u00003. Wenxi Jiang\u0000\u0000\u0000 \u0000\u00001. To order reprints of this article, please contact David Rowe at d.rowe{at}pageantmedia.com or 646-891-2157. \u0000\u0000In the past decade, not only did the average global temperature and the occurrence of climate-related disasters increase but","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42632568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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