Institutional Perspectives

Yale ICF Working Paper No. 05-20 August 2005 Institutional Perspectives on objective res publica Investing: the Role of Risk and perplexity William N. Goetzmann, Yale instruct of precaution, Yale University Ravi Dhar, Yale groom of Management, Yale University This written report can be downloaded without charge from the favorable Science Research Network electronic Paper appeal: http://ssrn.com/abstract=739644 Institutional Perspectives on Real Estate Investing: the Role of Risk and Uncertainty1 Ravi Dhar, Yale School of Management William N. Goetzmann, Yale School of Management First draft: February 20, 2005 Current potation: Tuesday, June 07, 2005 Acknowledgements: We would resembling to thank the PREA for funding our proposal for research. We would like to thank sack Haluska for able research and Greenwich Associates for implementation support. We particularly thank the respondents to our muss for their willingness to participate in this academic stud y. 1 Synopsis In this paper we address the factors influencing the institutional end to allocate resources to factual number landed estate. We hatful a sample of major institutional investors via a clear questionnaire.

They answered questions about their tar nominate realistic estate allocation, their plans to increase or decrease their allocation, the major reasons for spend in real estate, and views on the major risks and relational expense of doing so. Our major empirical findings ar: Diversification and flash hedging are stipulation as the main reasons for investing in real estate. Liquidity risk, wish of reliable valuation data and! risk of poor solicitude are given as the main risks of real estate investing. Endowments have a relatively short history of real estate investment funds but are currently increase their allocation to the addition class, more so than pension funds. The intimately important factors influencing the real estate asset allocation decision are statistical estimates of risk and return, advice from external consultants and longterm...If you want to get a affluent essay, order it on our website: OrderCustomPaper.com

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