L'eficiència del mercat immobiliari: estratègies i instruments
Real estate represents a part of the portfolio of many investors and can be accessed from both the real and the financial market. The low efficiency of real market prevents from taking advantage of the value created through diversification. This value can be partially recovered substituting real ass...
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| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2012 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/98523 |
| Acceso en línea: | http://hdl.handle.net/10803/98523 |
| Access Level: | acceso abierto |
| Palabra clave: | Inversions immobiliàries Real estate investments Inversiones inmobiliarias Actius derivats immobiliaris Real estate derivative markets Activos derivados inmobiliarios Riscos immobiliaris Real estate risks Riesgos inmobiliarios Mercat immobiliari Real estate market Mercado inmobiliario 332 336 |
| Sumario: | Real estate represents a part of the portfolio of many investors and can be accessed from both the real and the financial market. The low efficiency of real market prevents from taking advantage of the value created through diversification. This value can be partially recovered substituting real assets by securitized assets such as REITs. The empirical study of both markets in Spain shows an insufficient supply of securitized assets and the inexistence of an organized market of real estate derivatives, leading to a lower efficiency compared to other countries where they do exist. The relationship between real and financial markets opens a way to study real estate bubbles. It also enables to identify the sources of real estate risks and the strategies for hedging it. A wide development of assets-securitization and derivatives is essential to manage real estate risk and to improve the efficiency of the real estate market. |
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