Suchergebnisse

To maintain and enhance the efficiency of a property portfolio the portfolio manager should select those property investment propositions which promise the maximum improvement of portfolio return and reduction of portfolio risk. To cope with this difficult task the portfolio manager needs appropriate decision criteria. This paper discusses some of the selection criteria evolved through the developments in capital market theory in order to assess their usefulness in property asset selection procedures. The use of the 'reward‐to‐volatility' criterion to select appropriate property portfolio projects is explored through a worked example. The reliability of such selection procedure depends on the availability of reliable historic record of the performance of the property market and of the property portfolio together with the portfolio manager's ability to perceive expected returns in different 'states of the world'.

The aim of this paper is to study asset reallocation in financial markets subject to search, bargaining, and information frictions, and to analyze the impact of monetary policy on equilibrium outcomes. The main results show that private information regarding the quality of an asset impairs its liquidity and reduces both trading volume and consumption. As a consequence, a positive liquidity differential between money and real assets emerges, resulting in an increased demand for fiat money, as observed since the eruption of the global financial crisis. A policy intervention replacing information sensitive assets with government bonds or fiat money, as done in the asset-purchase program implemented by the Federal Reserve Bank, improves welfare.