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The big data regime shift in real estate 房地产大数据制度的转变
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-05-03 DOI: 10.1108/jpif-10-2019-0134
J. Delisle, Brent Never, T. Grissom
The paper explores the emergence of the “big data regime” and the disruption that it is causing for the real estate industry. The paper defines big data and illustrates how an inductive, big data approach can help improve decision-making.,The paper demonstrates how big data can support inductive reasoning that can lead to enhanced real estate decisions. To help readers understand the dynamics and drivers of the big data regime shift, an extensive list of hyperlinks is included.,The paper concludes that it is possible to blend traditional and non-traditional data into a unified data environment to support enhanced decision-making. Through the application of design thinking, the paper illustrates how socially responsible development can be targeted to under-served urban areas and helps serve residents and the communities in which they live.,The paper demonstrates how big data can be harnessed to support decision-making using a hypothetical project. The paper does not present advanced analytics but focuses aggregating disparate longitudinal data that could support such analysis in future research.,The paper focuses on the US market, but the methodology can be extended to other markets where big data is increasingly available.,The paper illustrates how big data analytics can be used to help serve the needs of marginalized residents and tenants, as well as blighted areas.,This paper documents the big data movement and demonstrates how non-traditional data can support decision-making.
本文探讨了“大数据制度”的出现及其对房地产行业造成的破坏。本文定义了大数据,并说明了归纳的大数据方法如何帮助改善决策。本文展示了大数据如何支持归纳推理,从而提高房地产决策。为了帮助读者理解大数据体制转变的动态和驱动因素,本文提供了一个广泛的超链接列表。本文的结论是,将传统和非传统数据融合到统一的数据环境中以支持增强决策是可能的。通过设计思维的应用,本文阐述了社会责任发展如何针对服务不足的城市地区,并帮助为居民和他们居住的社区服务。本文通过一个假设的项目展示了如何利用大数据来支持决策。本文没有提出先进的分析,但重点是汇总不同的纵向数据,可以在未来的研究中支持这种分析。本文主要关注美国市场,但该方法可以扩展到大数据日益可用的其他市场。该论文阐述了如何使用大数据分析来帮助满足边缘化居民和租户以及破败地区的需求。本文记录了大数据运动,并展示了非传统数据如何支持决策。
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引用次数: 7
Fundamentals for automating due diligence processes in property transactions 房地产交易中自动化尽职调查流程的基本原理
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-04-30 DOI: 10.1108/jpif-09-2019-0130
Philipp Maximilian Müller, Philipp Päuser, Björn-Martin Kurzrock
PurposeThis research provides fundamentals for generating (partially) automated standardized due diligence reports. Based on original digital building documents from (institutional) investors, the potential for automated information extraction through machine learning algorithms is demonstrated. Preferred sources for key information of technical due diligence reports are presented. The paper concludes with challenges towards an automated information extraction in due diligence processes.Design/methodology/approachThe comprehensive building documentation including n = 8,339 digital documents of 14 properties and 21 technical due diligence reports serve as a basis for identifying key information. To structure documents for due diligence, 410 document classes are derived and documents principally checked for machine readability. General rules are developed for prioritized document classes according to relevance and machine readability of documents.FindingsThe analysis reveals that a substantial part of all relevant digital building documents is poorly suited for automated information extraction. The availability and content of documents vary greatly from owner to owner and between document classes. The prioritization of document classes according to machine readability reveals potentials for using artificial intelligence in due diligence processes.Practical implicationsThe paper includes recommendations for improving the machine readability of documents and indicates the potential for (partially) automating due diligence processes. Therefore, document classes are derived, reviewed and prioritized. Transaction risks can be countered by an automated check for completeness of relevant documents.Originality/valueThis paper is the first published (empirical) research to specifically assess the automated digital processing of due diligence reports. The findings are helpful for improving due diligence processes and, more generally, promoting the use of machine learning in the property sector.
目的本研究为生成(部分)自动化标准化尽职调查报告提供了基础。基于(机构)投资者的原始数字建筑文件,展示了通过机器学习算法自动提取信息的潜力。介绍了技术尽职调查报告关键信息的首选来源。论文最后提出了在尽职调查过程中自动提取信息的挑战。设计/方法/方法综合建筑文件,包括14处房产的8339份数字文件和21份技术尽职调查报告,是确定关键信息的基础。为了构建尽职调查文件,衍生出410个文件类别,主要检查文件的机器可读性。根据文档的相关性和机器可读性,为具有优先级的文档类开发了通用规则。发现分析表明,所有相关的数字建筑文档中有很大一部分不适合自动提取信息。文档的可用性和内容因所有者而异,也因文档类而异。根据机器可读性对文档类别进行优先级排序,揭示了在尽职调查过程中使用人工智能的潜力。实际意义本文包括提高文件机器可读性的建议,并指出了(部分)自动化尽职调查流程的潜力。因此,对文档类进行派生、审查和优先级排序。交易风险可以通过自动检查相关文件的完整性来应对。原创性/价值本文是第一篇专门评估尽职调查报告自动化数字处理的已发表(实证)研究。这些发现有助于改进尽职调查流程,更广泛地说,有助于促进机器学习在房地产行业的使用。
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引用次数: 2
The initial impacts of Minimum Energy Efficiency Standards (MEES) in England 英国最低能源效率标准(MEES)的初步影响
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-04-30 DOI: 10.1108/jpif-01-2020-0013
S. Sayce, Syeda Marjia Hossain
PurposeThe paper investigates the initial impacts on asset management and valuation practice of the Minimum Energy Efficiency Standard (MEES) introduced in England and Wales from April 2018 for new lettings.Design/methodology/approachThe paper reports findings from a small-scale pilot study of valuers, asset managers, lawyers and building consultants. Interviews were conducted over the summer of 2019 and explored the impact on practice and market values and perceived links to the carbon reduction agenda. Data were analysed thematically manually and using NVivo software.FindingsParticipants welcomed MEES but many had doubts about the use of energy performance certificates (EPCs) as the appropriate baseline measure. Compliance was perceived as too easy; further, enforcement is not occurring. Vanguard investors have aligned portfolios for carbon reduction; others have not. Lease practices are changing with landlords seeking greater control over tenant behaviours. Valuers reported that whilst MEES consideration is embedded in due diligence processes, there is limited value impact.Research limitations/implicationsThe study is limited by its small-scale and that the MEES regulations are not yet fully implemented. However, the research provides early findings and lays out recommendations for future research by identifying areas in which the regulations are/are not proving effective to date.Practical implicationsThe findings will inform investors, consultants and policy makers.Social implicationsAchieving energy efficiency in buildings is critical to driving down carbon emission; it also has economic and social benefits through cost savings and reducing fuel poverty.Originality/valueBelieved to be the first post-implementation qualitative study of MEES.
目的本文调查了自2018年4月起在英格兰和威尔士为新租赁引入的最低能效标准(MEES)对资产管理和估值实践的初步影响。设计/方法/方法该论文报告了对估价师、资产管理人、律师和建筑顾问进行的小规模试点研究的结果。访谈于2019年夏天进行,探讨了对实践和市场价值的影响,以及与碳减排议程的感知联系。使用NVivo软件手动对数据进行主题分析。调查结果参与者对MEES表示欢迎,但许多人对使用能源性能证书(EPC)作为适当的基线衡量标准表示怀疑。遵守规定被认为过于容易;此外,强制执行并未发生。先锋投资者已经调整了碳减排投资组合;其他人没有。随着房东寻求对租户行为的更大控制,租赁做法正在发生变化。估价师报告称,虽然MEES考虑因素嵌入尽职调查过程,但价值影响有限。研究局限性/含义该研究受其小规模和MEES法规尚未完全实施的限制。然而,这项研究提供了早期发现,并通过确定迄今为止证明法规有效的领域,为未来的研究提出了建议。实际意义研究结果将为投资者、顾问和政策制定者提供信息。社会影响实现建筑能效对降低碳排放至关重要;它还通过节省成本和减少燃料匮乏带来了经济和社会效益。独创性/价值被认为是MEES实施后的第一次定性研究。
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引用次数: 2
House prices and credit cycles: the case of Cyprus 房价和信贷周期:以塞浦路斯为例
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-04-27 DOI: 10.1108/jpif-02-2020-0022
Dario Pontiggia, P. Sivitanides
Purpose - The purpose of this paper is to assess whether the rapid accumulation of bank deposits before the global financial crisis and their subsequent drastic reduction was the main driving force of the Cyprus house price cycle over the period 2006–2015. Design/methodology/approach - To this aim we estimate a three-equation model in which house prices are determined by housing loans, among other factors, and housing loans are determined by bank deposits. All equations are estimated using partial adjustment model specifications. Findings - Our findings indicate that housing loans, which capture the effect of credit availability on housing demand, had the smallest effect on house prices, thus providing little support to our proposition of a deposits-driven cycle in house prices. Research limitations/implications - The main limitation of the study is the use of the housing loan stock instead of the actual volume of housing loans in each period due to lack of such data. As a result our econometric estimates may not accurately capture the magnitude of the effect of housing loans on house prices. Practical implications - The study has important practical implications for policy makers as it highlights the importance of availability of credit in supporting effective demand for housing during periods of economic growth. Furthermore, it highlights the key role of house price increases in combination with the collateral effect in driving the house price cycle. Originality/value - This is among the few studies internationally and the first study in Cyprus that attempts to link econometrically the credit and house price cycles that were caused by the global financial crisis.
目的——本文的目的是评估全球金融危机前银行存款的快速积累及其随后的大幅减少是否是2006-2015年塞浦路斯房价周期的主要驱动力。设计/方法/方法-为此,我们估计了一个三方程模型,其中房价由住房贷款等因素决定,住房贷款由银行存款决定。所有方程均使用部分平差模型规范进行估算。调查结果-我们的调查结果表明,住房贷款反映了信贷对住房需求的影响,对房价的影响最小,因此对我们提出的存款驱动的房价周期几乎没有支持。研究局限性/影响-由于缺乏此类数据,研究的主要局限性是使用住房贷款存量,而不是每个时期的实际住房贷款量。因此,我们的经济计量估计可能无法准确反映住房贷款对房价的影响程度。实际意义-该研究对政策制定者具有重要的实际意义,因为它强调了在经济增长时期,信贷在支持有效住房需求方面的重要性。此外,它还强调了房价上涨与抵押品效应在推动房价周期中的关键作用。原创性/价值-这是国际上为数不多的研究之一,也是塞浦路斯第一项试图将全球金融危机导致的信贷和房价周期进行计量联系的研究。
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引用次数: 2
Performing technical analysis to predict Japan REITs' movement through ensemble learning 通过集成学习进行技术分析,预测日本REITs的走势
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-04-24 DOI: 10.1108/jpif-01-2020-0007
Wei Kang Loo
PurposeThe purpose of this study is to evaluate the performance of the ensemble learning models, such as the Random Forest and Extreme Gradient Boosting models, in predicting the direction of the Japan real estate investment trusts (J-REITs) at different return horizons, based on input obtained from various technical indicators.Design/methodology/approachThis study measures the predictability of J-REITs with technical indicators by using different horizons of REITs' return and machine learning models. The ensemble learning models includes Random Forest and Extreme Gradient Boosting models while the return horizons of REITs ranging from 1 to 300 days. The results were further split into individual years to check for the consistency of the performance across time.FindingsThe Extreme Gradient Boosting appears to be the best method in improving forecast accuracy but not the trading return. A wider return horizons platform seemed to deliver a relatively better performance in both forecast accuracy and trading return, when compared to the return horizon of one.Practical implicationsIt is recommended that the Extreme Gradient Boosting and Random Forest model be considered by practitioners for back-testing trading model. In addition, selecting different return horizons so as to achieve a better performance in trading/investment should also be considered.Originality/valueThe predictability of J-REITs using technical indicators was compared among different returns horizons and the models (Extreme Gradient Boosting and Random Forest).
本研究的目的是评估集成学习模型(如随机森林和极端梯度增强模型)在预测日本房地产投资信托基金(J-REITs)在不同回报水平下的表现,基于从各种技术指标获得的输入。设计/方法/方法本研究采用不同的REITs收益视界和机器学习模型,用技术指标衡量J-REITs的可预测性。集成学习模型包括随机森林模型和极端梯度增强模型,REITs的回报期限为1 ~ 300天。研究结果被进一步划分为不同的年份,以检验不同时期的表现是否一致。结果表明:在提高预测精度方面,极值梯度提升法是最好的方法,但在提高交易收益方面效果不佳。与一个回报范围相比,一个更宽的回报范围平台似乎在预测准确性和交易回报方面都提供了相对更好的表现。实践意义建议从业者在对交易模型进行回测时考虑极端梯度增强和随机森林模型。此外,为了在交易/投资中获得更好的表现,还应该考虑选择不同的回报视野。运用技术指标对J-REITs的可预测性进行了不同收益水平和模型(极端梯度增强和随机森林)的比较。
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引用次数: 2
Is the MD&A of US REITs informative? A textual sentiment study 美国房地产投资信托基金的管理层并购信息丰富吗?文本情感研究
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-04-10 DOI: 10.1108/jpif-12-2019-0149
M. Koelbl
This study examines whether language disclosed in the Management Discussion and Analysis (MD&A) of US Real Estate Investment Trusts (REITs) provides signals regarding future firm performance and thus generates a market response.,This research conducts textual analysis on a sample of approximately 6,500 MD&As of US REITs filed by the SEC between 2003 and 2018. Specifically, the Loughran and Mcdonald (2011) financial dictionary, and a custom dictionary for the real estate industry created by Ruscheinsky et al. (2018), are employed to determine the inherent sentiment, that is, the level of pessimistic or optimistic language for each filing. Thereafter, a panel fixed-effects regression enables investigating the relationship between sentiment and future firm performance, as well as the markets’ reaction.,The empirical results suggest that higher levels of pessimistic (optimistic) language in the MD&A predict lower (higher) future firm performance. Hereby, the use of a domain-specific real estate dictionary, namely that developed by Ruscheinsky et al. (2018) leads to superior results. Corresponding to the notion that the human psyche is affected more strongly by negative than positive news (Rozin and Royzman, 2001), the market responds solely to pessimistic language in the MD&A.,The results suggest that the market can benefit from textual analysis, as investigating the language in the MD&A reduces information asymmetries between US REIT managers and investors.,This is the first study to analyze exclusively US REITs, whether language in the MD&A is predictive of future firm performance and whether the market responds to textual sentiment.
本研究考察了美国房地产投资信托基金(REITs)管理层讨论与分析(MD&A)中披露的语言是否提供了有关未来公司业绩的信号,从而产生了市场反应。,本研究对美国证券交易委员会在2003年至2018年间提交的约6500份美国房地产投资信托的MD&a样本进行了文本分析。具体而言,Loughran和Mcdonald(2011)金融词典,以及Ruscheinsky等人创建的房地产行业自定义词典。(2018),用于确定固有情绪,即每个申请的悲观或乐观语言水平。此后,面板固定效应回归能够调查情绪与未来公司业绩之间的关系,以及市场的反应。,实证结果表明,MD&A中悲观(乐观)语言水平越高,预示着未来公司业绩越低(越高)。因此,使用特定领域的房地产词典,即Ruscheinsky等人开发的词典。(2018)导致了优越的结果。与人类心理受到负面新闻比正面新闻更强烈影响的观点相对应(Rozin和Royzman,2001),市场只对MD&A中的悲观语言做出反应。,结果表明,市场可以从文本分析中受益,因为调查MD&A中的语言可以减少美国REIT经理和投资者之间的信息不对称。,这是第一项专门分析美国REITs的研究,MD&A中的语言是否可以预测未来的公司业绩,以及市场是否对文本情绪做出反应。
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引用次数: 10
Spillovers between US real estate and financial assets in time and frequency domains 美国房地产和金融资产在时域和频域的溢出效应
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-04-09 DOI: 10.1108/JPIF-08-2019-0110
A. Tiwari, C. André, Rangan Gupta
Real estate, either in physical or securitised form, provides valuable diversification opportunities to investors. However, spillovers reduce the benefits of portfolio diversification, especially in times of crisis, when asset returns tend to be more correlated. This paper assesses the strength and time variation of spillovers between returns on residential real estate, real estate investment trusts (REITs), stocks and bonds in the United States, using the Diebold-Yilmaz (DY) (2012) approach in the time domain and the Barunik-Křehlik (BK) (2018) methodology in the frequency domain. On average, spillovers between housing, stock and bond returns are relatively modest and shocks to stock and bond markets affect housing returns more than the other way round, even though net spillovers from housing to other assets spiked in the aftermath of the subprime crisis. Spillovers in both directions are much stronger between REITs and stocks than between REITs and housing. The analysis in the frequency domain highlights the persistence of effects from shocks originating in the housing market, particularly in the aftermath of the subprime crisis.
无论是实物房地产还是证券化房地产,都为投资者提供了宝贵的多元化机会。然而,溢出效应降低了投资组合多样化的好处,尤其是在危机时期,资产回报往往更具相关性。本文在时域中使用Diebold Yilmaz(DY)(2012)方法,在频域中使用Barunik-Křehlik(BK)(2018)方法,评估了美国住宅房地产、房地产投资信托基金(REITs)、股票和债券回报之间的溢出强度和时间变化。平均而言,住房、股票和债券回报之间的溢出效应相对较小,股票和债券市场的冲击对住房回报的影响大于其他方面,尽管次贷危机后住房对其他资产的净溢出效应激增。房地产投资信托基金和股票之间在两个方向上的溢出比房地产投资基金和住房之间的溢出要强烈得多。频域分析强调了房地产市场冲击的持续影响,特别是在次贷危机之后。
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引用次数: 12
Risks in feasibility and viability appraisal process for property development and the investment market in Nigeria 尼日利亚房地产开发和投资市场可行性和可行性评估过程中的风险
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-04-09 DOI: 10.1108/jpif-12-2019-0151
Z. T. Jagun
The feasibility and viability appraisal technique is becoming increasingly crucial in the planning systems, theory, applications and outputs for property development and project investments. This paper aims to account for the findings of the practices associated with risk in the feasibility and viability appraisal process. Also, it examines the need for a practical framework for conducting a feasibility and viability appraisal, which can be employed by estate surveyors and valuers in Nigeria,This study adopted purposive sampling techniques to administer 240 sets of questionnaires, out of which 210 sets were well-thought-out to be useable for the analysis after data screening. Statistical package for social sciences (SPSS), structural equation modelling (SEM) and analysis of movement structures (AMOS) were the main analytical tools used to carry out the reliability test, normality test, exploratory factor analysis, confirmatory factor analysis, measurement and structural model.,The analysis results indicated that the P-values of the various forms of concepts of risks in feasibility and viability appraisal process (preparation) for property development and the investment market was statistically significant: technological factor - 0.000; political factor- 0.000 and economic factor- 0.000. However, a non-significant effect was found with socio-environmental factors on the preparation of housing development appraisal with P-value 0.155, and that risk management is neither holistically implemented in the feasibility and viability appraisal process nor extensively taken into cognisance.,This paper reports the results of the practices among estate surveyors and valuers in regarding the risk associated in the preparation stages of the feasibility and viability appraisal process,There are limited studies that suggest risk management factors in the appraisal reports for property development. Although previous studies have identified the risk factors, there is a lack of emphasis on management, which entails identification, assessment, monitoring and control. This study, therefore, recommends the incorporation of risk management into the feasibility and viability appraisal process implemented by estate surveyors and valuers. It is envisaged that the process will protect investors from the potential risk factors associated with investments in property development.,The study highlighted the need for practical or empirical research to be used to assess the significant risk factors that are needed to be reflected in the preparation stages of the feasibility and viability appraisal conduct of estate surveyors and valuers in Abuja, Nigeria.
可行性和可行性评估技术在房地产开发和项目投资的规划系统、理论、应用和产出中变得越来越重要。本文旨在说明在可行性和可行性评估过程中与风险相关的实践结果。此外,它还考察了是否需要一个实用的框架来进行可行性和可行性评估,尼日利亚的房地产测量师和估价师可以使用该框架。这项研究采用了有目的的抽样技术来管理240套问卷,其中210套被认为可用于数据筛选后的分析。社会科学统计软件包(SPSS)、结构方程建模(SEM)和运动结构分析(AMOS)是进行信度检验、正态性检验、探索性因素分析、验证性因素分析和测量以及结构模型的主要分析工具。,分析结果表明,在房地产开发和投资市场的可行性和可行性评估过程(准备)中,各种形式的风险概念的P值具有统计学意义:技术因素-0.000;政治因素-0.000,经济因素-0.000。然而,社会环境因素对住房开发评估的准备没有显著影响,P值为0.155,风险管理既没有在可行性和可行性评估过程中全面实施,也没有被广泛考虑。,本文报告了房地产测量师和估价师在可行性和可行性评估过程的准备阶段对相关风险的实践结果。在房地产开发评估报告中提出风险管理因素的研究有限。尽管先前的研究已经确定了风险因素,但缺乏对管理的重视,管理需要识别、评估、监测和控制。因此,本研究建议将风险管理纳入房地产测量师和估价师实施的可行性和可行性评估过程。据设想,这一过程将保护投资者免受与房地产开发投资相关的潜在风险因素的影响。,该研究强调,需要进行实际或实证研究,以评估尼日利亚阿布贾房地产测量师和估价师进行可行性和可行性评估的准备阶段需要反映的重大风险因素。
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引用次数: 6
The investment opportunities in the innovation-led listed satellite and telecommunication infrastructure sectors 创新引领上市的卫星和电信基础设施行业的投资机会
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-04-06 DOI: 10.1108/jpif-10-2019-0132
M. Marzuki, G. Newell
PurposeCommunication infrastructure assets present a compelling investment opportunity for investors interested to tap into the technology-driven and innovation-led infrastructure segments, given the need for intensified capital deployment to prepare for the future substantial flow in volume and velocity of information. These communication infrastructure assets exist either in the segments of satellite or telecommunication infrastructure. This paper intends to empirically assess the performance attributes of listed satellite and telecommunication infrastructure over January 2000–June 2019. Sub-period performance dynamics of listed satellite and telecommunication infrastructure in the pre-GFC (January 2000–June 2007) and the post-GFC (July 2009–June 2019) investment horizons are provided.Design/methodology/approachNineteen-year monthly total returns over 2000–2019 were used to analyse the risk-adjusted performance and portfolio diversification potential of both listed satellite and telecommunication infrastructure. The mean-variance portfolio optimisation framework using the full period and post-GFC ex-post returns, risk and correlation coefficient of listed satellite and telecommunication infrastructure and other financial assets was developed to determine the added-value benefits of listed satellite and telecommunication infrastructure in an optimised investment framework.FindingsListed satellite and telecommunication infrastructure delivered mixed investment performance. They were highly volatile and there was a significant discount in total return performance against the other asset classes in the full and pre-GFC periods. However, listed telecommunication infrastructure delivered stronger performance in the post-GFC period across all performance measures. Listed satellite and telecommunication infrastructure offered strong diversification benefits for investors across all investment horizons. Further, the inclusion of listed telecommunication infrastructure in both the full period and post-GFC mixed-asset investment framework was also empirically justified.Practical implicationsCommunication infrastructure assets such as satellite and telecommunication infrastructure are the key infrastructure assets to ensure the seamless operation of and interaction with modern technology going forward. Whilst being a small proportion of the overall infrastructure asset class universe, the $2.1 trillion progressively expanding listed communication infrastructure sector is having an important role to stimulate investor capital deployments in high quality and future-proof communication infrastructure assets. Listed satellite and telecommunication infrastructure assets are an opportunistic investment given their future growth potential and are seen as a suitable fit for investors with a secular investment profile.Originality/valueDespite the infrastructure asset class being the focus of growing attention and empirical analysis, no previous studies have empiric
目的通信基础设施资产为有兴趣进入技术驱动和创新主导的基础设施领域的投资者提供了一个引人注目的投资机会,因为需要加强资本部署,为未来信息量和速度的大幅流动做好准备。这些通信基础设施资产存在于卫星或电信基础设施领域。本文旨在实证评估2000年1月至2019年6月期间上市卫星和电信基础设施的性能属性。提供了全球金融危机前(2000年1月至2007年6月)和全球金融危机后(2009年7月至2019年6月。设计/方法/方法2000-2009年的19年月度总回报用于分析上市卫星和电信基础设施的风险调整业绩和投资组合多元化潜力。利用上市卫星和电信基础设施及其他金融资产的全期和全球金融危机后的税后回报、风险和相关系数,开发了均值-方差投资组合优化框架,以在优化的投资框架中确定上市卫星和通信基础设施的附加值收益。Findings上市的卫星和电信基础设施的投资表现喜忧参半。它们具有高度的波动性,在全球金融危机期间和之前,总回报表现与其他资产类别相比有很大的折扣。然而,上市的电信基础设施在全球金融危机后的所有业绩指标中都表现强劲。上市的卫星和电信基础设施为所有投资领域的投资者提供了强大的多元化优势。此外,将上市的电信基础设施纳入整个时期和全球金融危机后的混合资产投资框架,在经验上也是合理的。实际意义卫星和电信基础设施等通信基础设施资产是确保未来现代技术无缝运行和互动的关键基础设施资产。虽然在整个基础设施资产类别中所占比例很小,但价值2.1万亿美元的上市通信基础设施行业在刺激投资者在高质量和经得起未来考验的通信基础设施资产中的资本部署方面发挥着重要作用。鉴于其未来的增长潜力,上市的卫星和电信基础设施资产是一种机会主义投资,被视为适合长期投资的投资者。原创性/价值尽管基础设施资产类别越来越受到关注和实证分析,但此前没有任何研究对上市的卫星和电信基础设施行业进行实证调查。这是第一份已发表的实证研究分析,旨在阐明上市卫星和电信基础设施的投资属性,作为技术相关基础设施资产的投资途径。这项研究验证了在日益重要的通信基础设施资产领域寻求投资的投资者的实际房地产投资决策,并为其提供信息。
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引用次数: 3
Crowdfunding REITs: a new asset class for the real estate industry? 众筹REITs:房地产行业的新资产类别?
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-03-30 DOI: 10.1108/JPIF-08-2019-0112
Lucia Gibilaro, G. Mattarocci
PurposeThe paper aims to study the performance of crowdfunding REITs with respect to traditional REITs in order to evaluate the differences in the risk–return profile and their usefulness for a diversification strategy within the indirect real estate investments.Design/methodology/approachThe paper considers the crowdfunding REITs introduced after the JOBS act in the United States and evaluates their performance and risk during the time period 2016–2018. Performance achieved by crowdfunding REITs is compared with other types of REITs in order to evaluate their usefulness for constructing an optimal portfolio strategy based on a standard mean variance approach.FindingsResults show that the performance of crowdfunding REITs is more stable over time with respect to other REITs and the lack of correlation with traditional REITs may be exploited for constructing a more efficient diversified portfolio of indirect real estate investments.Practical implicationsCrowdfunding REITs have different performance with respect to standard REITs and, especially individual investors, may benefit from including this new investment opportunity in their portfolio.Originality/valueThe paper is the first study on the performance of the crowdfunding REITs that is evaluating their usefulness for a diversification strategy within the real estate sector.
目的本文旨在研究众筹REITs与传统REITs相比的表现,以评估风险收益状况的差异及其对间接房地产投资中多元化策略的有用性。设计/方法论/方法本文考虑了美国《JOBS法案》后引入的众筹REITs,并评估了它们在2016年至2018年期间的表现和风险。将众筹REITs获得的绩效与其他类型的REITs进行比较,以评估它们在构建基于标准均值-方差方法的最佳投资组合策略方面的有用性。研究结果表明,与其他REITs相比,众筹REITs的表现随着时间的推移更加稳定,与传统REITs缺乏相关性可以用来构建更有效的多元化间接房地产投资组合。实际含义众筹REITs与标准REITs的表现不同,尤其是个人投资者,可能会从将这一新的投资机会纳入其投资组合中受益。原创性/价值本文是第一篇关于众筹REITs绩效的研究,旨在评估其在房地产行业多元化战略中的有用性。
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引用次数: 4
期刊
Journal of Property Investment & Finance
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