Exchange-traded funds (ETFs) provide investors with a single, tradable security for gaining
exposure to an index that presumably proxies for an asset class. In the US alone, ETF assets …

This article examines real estate's role in institutional mixed‐asset portfolios using both
private‐and public‐real estate indices, as a means of examining varying real estate‐related …

In this article, three oft‐mentioned special characteristics of the real estate asset market—
high transaction costs, marketing period risk and return predictability—are addressed in …

Choosing the optimal holding period is an important part of real estate investment decisions,
because “when to sell” affects “whether to buy”. This paper presents a theoretical model for …

Investment in thinly traded private assets involves liquidity risk. Existing literature provides
limited guidance as it mainly focuses on publicly traded security assets such as stocks and …

We examine co-movements in private commercial real estate index returns and market
liquidity in the US (apartment, office, retail) and for eighteen global cities, using data from …

We consider the issues associated with modeling the decision to invest in an illiquid asset,
such as real estate, over an extended period of time. Markets for illiquid assets tend to …

Variations in transaction activity between commercial real estate markets and over time are
likely to have important implications for investment strategies and pricing. The authors …

This study examines the heterogeneous appraiser behavior and its implication on traditional
appraisal smoothing theory. The findings demonstrate that the partial adjustment model is …

Using the BDS independent test and the bootstrapping method, this paper examines the
relationship between return and risk of various timberland investment vehicles and the …