Eres : Digital Library : Works

Paper eres2010_362:
THE INFLUENCE OF OWNERSHIP, SECTOR ALLOCATION AND INVESTMENT STYLE ON PORTFOLIO VOLATILITY

id eres2010_362
authors Gläsner, Sebastian; Piazolo, Daniel; Thomas, Matthias
year 2010
title THE INFLUENCE OF OWNERSHIP, SECTOR ALLOCATION AND INVESTMENT STYLE ON PORTFOLIO VOLATILITY
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary The German property market has shown a remarkably stable performance over the last decades. Especially in the worldwide financial crisis 2008 and 2009 German valuation practise has been questioned by international and especially UK market participants. The paper investigates the performance of German properties with a focus on the investor structure and controls for relevant portfolio differences. The paper tests the hypothesis whether performance differences of German properties are attributable to the ownership structure, the portfolio differences regarding sector allocation and different levels of income return. Findings suggest that portfolio ownership has been a significant factor for German property performance in the time of the financial crisis 2008/2009. Partly this can be explained by the different allocations to the sector “industry” that has the highest volatility within Germany. Furthermore, the selection of “riskier” assets is an explanatory factor.
series ERES:conference
email sebastian.glaesner@ipd.com
more http://www.eres2010.org/index.asp?page=papers_download
content file.ppt (2,929,152 bytes)
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session Green Buildings & Environmental Policies (7)
last changed 2010/08/04 20:47
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