메뉴 건너뛰기




Volumn 22, Issue 3, 2004, Pages 230-249

Housing investment in an institutional portfolio context: A review of the issues

Author keywords

Housing; Investments; Portfolio investment; Rental value; Residential property

Indexed keywords


EID: 84986127934     PISSN: 02637472     EISSN: None     Source Type: Journal    
DOI: 10.1108/02637470410545011     Document Type: Review
Times cited : (6)

References (60)
  • 1
    • 0345143532 scopus 로고    scopus 로고
    • Working Paper No. 4774, Vol. National Bureau of Economic Research Cambridge, MA
    • Abraham, J. and Hendershott, P. (1996), Bubbles in Metropolitan Housing Markets, Working Paper No. 4774, Vol. 4774, National Bureau of Economic Research, Cambridge, MA.
    • (1996) Bubbles in Metropolitan Housing Markets , vol.4774
    • Abraham, J.1    Hendershott, P.2
  • 2
    • 0036004331 scopus 로고    scopus 로고
    • House prices and inflation
    • Anari, A. and Kolari, J. (2002), “House prices and inflation”, Real Estate Economics, Vol. 30 No. 1, pp. 67-84.
    • (2002) Real Estate Economics , vol.30 , Issue.1 , pp. 67-84
    • Anari, A.1    Kolari, J.2
  • 3
    • 58149358963 scopus 로고    scopus 로고
    • The three dimensions of real estate markets: linking space, capital and property markets
    • Archer, W.R. and Ling, D.C. (1997), “The three dimensions of real estate markets: linking space, capital and property markets”, Real Estate Finance, Vol. 14 No. 3, pp. 7-14.
    • (1997) Real Estate Finance , vol.14 , Issue.3 , pp. 7-14
    • Archer, W.R.1    Ling, D.C.2
  • 4
    • 84977379610 scopus 로고
    • Price discovery and efficiency in American and British property markets
    • Barkham, R. and Geltner, D. (1995), “Price discovery and efficiency in American and British property markets”, Real Estate Economics, Vol. 23 No. 1, pp. 13-21.
    • (1995) Real Estate Economics , vol.23 , Issue.1 , pp. 13-21
    • Barkham, R.1    Geltner, D.2
  • 7
    • 0011370221 scopus 로고    scopus 로고
    • Real estate returns and inflation: an added variable approach
    • Bond, M. and Seiler, M. (1998), “Real estate returns and inflation: an added variable approach”, Journal of Real Estate Research, Vol. 15 No. 3, pp. 327-338.
    • (1998) Journal of Real Estate Research , vol.15 , Issue.3 , pp. 327-338
    • Bond, M.1    Seiler, M.2
  • 8
    • 0024569535 scopus 로고
    • The efficiency of the market of single family homes
    • Case, K.E. and Shiller, R. (1989), “The efficiency of the market of single family homes”, American Economic Review, Vol. 79, pp. 125-137.
    • (1989) American Economic Review , vol.79 , pp. 125-137
    • Case, K.E.1    Shiller, R.2
  • 9
    • 84983978498 scopus 로고
    • Forecasting prices and excess returns in the housing market
    • Case, K.E. and Shiller, R. (1990), “Forecasting prices and excess returns in the housing market”, AREUEA Journal, Vol. 18, pp. 253-273.
    • (1990) AREUEA Journal , vol.18 , pp. 253-273
    • Case, K.E.1    Shiller, R.2
  • 10
    • 0034371599 scopus 로고    scopus 로고
    • Pension-plan real estate investment in an asset-liability framework
    • Chun, G.H., Ciochetti, B.A. and Shilling, J.D. (2000), “Pension-plan real estate investment in an asset-liability framework”, Real Estate Economics, Vol. 28 No. 3, pp. 467-491.
    • (2000) Real Estate Economics , vol.28 , Issue.3 , pp. 467-491
    • Chun, G.H.1    Ciochetti, B.A.2    Shilling, J.D.3
  • 11
    • 0033275927 scopus 로고    scopus 로고
    • Determinants of real estate asset allocations in private and public pension plans
    • Ciochetti, B., Sa-Aadu, J. and Shilling, J. (1999), “Determinants of real estate asset allocations in private and public pension plans”, Journal of Real Estate Finance and Economics, Vol. 19 No. 3, pp. 193-210.
    • (1999) Journal of Real Estate Finance and Economics , vol.19 , Issue.3 , pp. 193-210
    • Ciochetti, B.1    Sa-Aadu, J.2    Shilling, J.3
  • 12
    • 0002474315 scopus 로고    scopus 로고
    • Further evidence on real estate market efficiency
    • Nos.
    • Clayton, J. (1998), “Further evidence on real estate market efficiency”, Journal of Real Estate Research, Vol. 15 Nos. 1, pp. 41-57.
    • (1998) Journal of Real Estate Research , vol.15 , Issue.1 , pp. 41-57
    • Clayton, J.1
  • 14
    • 84986047462 scopus 로고    scopus 로고
    • “The Role of Institutional Investors in the Evolution of Financial Structure and Behaviour”, paper presented in the Reserve Bank of Australia's Conference on “The Future of the Financial System”, Sydney, 8-9 July.
    • Davis, E.P. (1996), “The Role of Institutional Investors in the Evolution of Financial Structure and Behaviour”, paper presented in the Reserve Bank of Australia's Conference on “The Future of the Financial System”, Sydney, 8-9 July.
    • (1996)
    • Davis, E.P.1
  • 16
    • 84984076308 scopus 로고
    • The markets for real estate assets and space: a conceptual framework
    • DiPasquale, D. and Wheaton, W. (1992), “The markets for real estate assets and space: a conceptual framework”, Real Estate Economics, Vol. 20 No. 2, pp. 181-198.
    • (1992) Real Estate Economics , vol.20 , Issue.2 , pp. 181-198
    • DiPasquale, D.1    Wheaton, W.2
  • 17
    • 0007801061 scopus 로고
    • Human capital and capital market equilibrium
    • Fama, E. and Schwert, W. (1977), “Human capital and capital market equilibrium”, Journal of Financial Economics, Vol. 4 No. 1, pp. 95-125.
    • (1977) Journal of Financial Economics , vol.4 , Issue.1 , pp. 95-125
    • Fama, E.1    Schwert, W.2
  • 18
    • 84977737676 scopus 로고
    • The cross-section of expected stock returns
    • Fama, E. and French, K. (1992), “The cross-section of expected stock returns”, Journal of Finance, Vol. 47 No. 2, pp. 427-465.
    • (1992) Journal of Finance , vol.47 , Issue.2 , pp. 427-465
    • Fama, E.1    French, K.2
  • 19
    • 79952911058 scopus 로고
    • The role of commercial real estate in a multi-asset portfolio
    • Fisher, J. and Sirmans, C. (1994), “The role of commercial real estate in a multi-asset portfolio”, Journal of Property Management, Vol. 59 No. 1, pp. 54-59.
    • (1994) Journal of Property Management , vol.59 , Issue.1 , pp. 54-59
    • Fisher, J.1    Sirmans, C.2
  • 21
    • 84984016484 scopus 로고
    • Estimating real estate's systematic risk from aggregate level appraisal-based returns
    • Geltner, D. (1989), “Estimating real estate's systematic risk from aggregate level appraisal-based returns”, AREUEA Journal, Vol. 17 No. 4, pp. 463-481.
    • (1989) AREUEA Journal , vol.17 , Issue.4 , pp. 463-481
    • Geltner, D.1
  • 23
    • 84944830931 scopus 로고
    • The fiscal and monetary linkage between stock returns and inflation
    • Geske, R. and Roll, R. (1983), “The fiscal and monetary linkage between stock returns and inflation”, Journal of Finance, Vol. 38 No. 1, pp. 1-33.
    • (1983) Journal of Finance , vol.38 , Issue.1 , pp. 1-33
    • Geske, R.1    Roll, R.2
  • 25
    • 0013561743 scopus 로고
    • The performance of real estate as an asset class
    • Goetzmann, W.N. and Ibbotson, R. (1990), “The performance of real estate as an asset class”, Journal of Applied Corporate Finance, Vol. 3 No. 1, pp. 65-76.
    • (1990) Journal of Applied Corporate Finance , vol.3 , Issue.1 , pp. 65-76
    • Goetzmann, W.N.1    Ibbotson, R.2
  • 26
    • 0037476494 scopus 로고    scopus 로고
    • The effect of international real estate securities on portfolio diversification
    • Gordon, J.N., Canter, T.A. and Webb, J.R. (1998), “The effect of international real estate securities on portfolio diversification”, Journal of Real Estate Portfolio Management, Vol. 4 No. 2, pp. 83-92.
    • (1998) Journal of Real Estate Portfolio Management , vol.4 , Issue.2 , pp. 83-92
    • Gordon, J.N.1    Canter, T.A.2    Webb, J.R.3
  • 30
    • 4444275995 scopus 로고    scopus 로고
    • An examination of the role of geneva and zurich housing in swiss institutional portfolios
    • Hoesli, M. and Hamelink, F. (1997), “An examination of the role of geneva and zurich housing in swiss institutional portfolios”, Journal of Property Valuation & Investment, Vol. 15 No. 4, pp. 354-371.
    • (1997) Journal of Property Valuation & Investment , vol.15 , Issue.4 , pp. 354-371
    • Hoesli, M.1    Hamelink, F.2
  • 31
    • 33847351917 scopus 로고
    • Housing as and investment? A comparison of returns from housing with other types of investment
    • Hutchison, N. (1994), “Housing as and investment? A comparison of returns from housing with other types of investment”, Journal of Property Finance, Vol. 5 No. 2, pp. 47-61.
    • (1994) Journal of Property Finance , vol.5 , Issue.2 , pp. 47-61
    • Hutchison, N.1
  • 36
    • 0033196692 scopus 로고    scopus 로고
    • The integration of commercial real estate markets and stock markets
    • Ling, D. and Naranjo, A. (1999), “The integration of commercial real estate markets and stock markets”, Real Estate Economics, Vol. 27 No. 3, pp. 483-516.
    • (1999) Real Estate Economics , vol.27 , Issue.3 , pp. 483-516
    • Ling, D.1    Naranjo, A.2
  • 37
    • 0000631230 scopus 로고    scopus 로고
    • International evidence on real estate securities as an inflation hedge
    • Liu, C.D., Hartzell, D.J. and Hoesli, M. (1997), “International evidence on real estate securities as an inflation hedge”, Real Estate Economics, Vol. 25, pp. 193-221.
    • (1997) Real Estate Economics , vol.25 , pp. 193-221
    • Liu, C.D.1    Hartzell, D.J.2    Hoesli, M.3
  • 38
    • 0000685160 scopus 로고
    • The integration of the real estate market and the stock market: some preliminary evidence
    • September
    • Liu, C.D., Hartzell, D.J., Greig, W. and Grissom, T. (1990), “The integration of the real estate market and the stock market: some preliminary evidence”, Journal of Real Estate Finance & Economics, Vol. 3 September, pp. 261-282.
    • (1990) Journal of Real Estate Finance & Economics , vol.3 , pp. 261-282
    • Liu, C.D.1    Hartzell, D.J.2    Greig, W.3    Grissom, T.4
  • 39
    • 0038374295 scopus 로고    scopus 로고
    • The future for private rental housing: surviving niches or flexible markets?
    • Maclennan, D. (1998), “The future for private rental housing: surviving niches or flexible markets?”, Netherlands Journal of Housing and the Built Environment, Vol. 13 No. 3, pp. 389-407.
    • (1998) Netherlands Journal of Housing and the Built Environment , vol.13 , Issue.3 , pp. 389-407
    • Maclennan, D.1
  • 40
    • 84995186518 scopus 로고
    • Portfolio selection
    • Markowitz, H.M. (1952), “Portfolio selection”, Journal of Finance, Vol. 7 No. 1, pp. 77-91.
    • (1952) Journal of Finance , vol.7 , Issue.1 , pp. 77-91
    • Markowitz, H.M.1
  • 43
    • 84986119568 scopus 로고    scopus 로고
    • Evaluation of residential property as an institutional investment asset group: The Swiss, Dutch and Swedish cases
    • paper presented at the American Real Estate and Urban Economics Association – 15th Annual International Conference, Cracow.
    • Montezuma, J. and Gibb, K. (2003), “Evaluation of residential property as an institutional investment asset group: The Swiss, Dutch and Swedish cases”, paper presented at the American Real Estate and Urban Economics Association – 15th Annual International Conference, Cracow.
    • (2003)
    • Montezuma, J.1    Gibb, K.2
  • 45
    • 0001229463 scopus 로고
    • House price dynamics: the role of tax policy and demography
    • No.
    • Poterba, J.M. (1991), “House price dynamics: the role of tax policy and demography”, Brookings Papers on Economic Activity, No. 2, pp. 143-203.
    • (1991) Brookings Papers on Economic Activity , Issue.2 , pp. 143-203
    • Poterba, J.M.1
  • 47
    • 0033447844 scopus 로고    scopus 로고
    • Do real estate prices and stocks prices move together? An international analysis
    • Quan, D. and Titman, S. (1999), “Do real estate prices and stocks prices move together? An international analysis”, Real Estate Economics, Vol. 27 No. 2, pp. 183-207.
    • (1999) Real Estate Economics , vol.27 , Issue.2 , pp. 183-207
    • Quan, D.1    Titman, S.2
  • 48
    • 0011342962 scopus 로고
    • The inflation-hedging effectiveness of real estate
    • Rubens, J., Bond, M. and Webb, J. (1989), “The inflation-hedging effectiveness of real estate”, Journal of Real Estate Research, Vol. 4 No. 2, pp. 45-55.
    • (1989) Journal of Real Estate Research , vol.4 , Issue.2 , pp. 45-55
    • Rubens, J.1    Bond, M.2    Webb, J.3
  • 49
    • 0010964193 scopus 로고
    • Asset allocation
    • Ed. Magin, J., Ed. Tuttle, D. William F. Sharpe New York, NY
    • Sharpe, W. (1990), “Asset allocation”, in Ed. Magin, J. and Ed. Tuttle, D. (Eds), Management Investing Portfolios – A Dynamic Process, William F. Sharpe, New York, NY.
    • (1990) Management Investing Portfolios – A Dynamic Process
    • Sharpe, W.1
  • 50
    • 0000893807 scopus 로고
    • Do stock prices move too much to be justified by subsequent changes in dividends?
    • Shiller, R.J. (1981), “Do stock prices move too much to be justified by subsequent changes in dividends?”, American Economic Review, Vol. 71 No. 3, pp. 421-436.
    • (1981) American Economic Review , vol.71 , Issue.3 , pp. 421-436
    • Shiller, R.J.1
  • 52
    • 84925932045 scopus 로고
    • Inflation, the stock market, and owner-occupied housing
    • Summers, L. (1981), “Inflation, the stock market, and owner-occupied housing”, American Economic Review, Vol. 71 No. 2, pp. 429-434.
    • (1981) American Economic Review , vol.71 , Issue.2 , pp. 429-434
    • Summers, L.1
  • 53
    • 84974487411 scopus 로고
    • Stock returns as predictors of interest rates and inflation
    • March
    • Titman, S. and Warga, A. (1989), “Stock returns as predictors of interest rates and inflation”, Journal of Financial and Quantitative Analysis, Vol. 24 March, pp. 47-58.
    • (1989) Journal of Financial and Quantitative Analysis , vol.24 , pp. 47-58
    • Titman, S.1    Warga, A.2
  • 54
    • 84986060656 scopus 로고    scopus 로고
    • Internal versus external management
    • Ed. Fabozzi, E. Frank Fabozzi Associates New Hope, PA
    • Ward, J.F. (1999), “Internal versus external management”, in Ed. Fabozzi, E. (Ed.), Perspectives on Investment Management of Public Pension Funds, Frank Fabozzi Associates, New Hope, PA.
    • (1999) Perspectives on Investment Management of Public Pension Funds
    • Ward, J.F.1
  • 55
    • 0002905632 scopus 로고
    • Prices of single-family homes since 1970: new indices for four cities
    • September/October
    • Case, K.E. and Shiller, R. (1987), “Prices of single-family homes since 1970: new indices for four cities”, New England Economic Review, September/October, pp. 45-56.
    • (1987) New England Economic Review , pp. 45-56
    • Case, K.E.1    Shiller, R.2
  • 56
    • 0001442825 scopus 로고    scopus 로고
    • House price dynamics: a survey of theoretical and empirical issues
    • Cho, M. (1996), “House price dynamics: a survey of theoretical and empirical issues”, Journal of Housing Research, Vol. 7 No. 2, pp. 145-172.
    • (1996) Journal of Housing Research , vol.7 , Issue.2 , pp. 145-172
    • Cho, M.1
  • 57
    • 0006175953 scopus 로고
    • The allocation of real estate to future mixed-set institutional portfolios
    • Giliberto, S.M. (1992), “The allocation of real estate to future mixed-set institutional portfolios”, The Journal of Real Estate Research, Vol. 7 No. 4, pp. 423-432.
    • (1992) The Journal of Real Estate Research , vol.7 , Issue.4 , pp. 423-432
    • Giliberto, S.M.1
  • 58
    • 84986138274 scopus 로고    scopus 로고
    • “Uses of equilibrium models in real estate research’ paper presented at the European Real Estate Society Conference, Stockholm, June, 1995.
    • Hendershott, P. (1996), “Uses of equilibrium models in real estate research’ paper presented at the European Real Estate Society Conference, Stockholm, June, 1995.
    • (1996)
    • Hendershott, P.1
  • 59
    • 0031501561 scopus 로고    scopus 로고
    • Economic risk factors and commercial real estate
    • Ling, D. and Naranjo, A. (1997), “Economic risk factors and commercial real estate”, Journal of Real Estate Finance and Economics, Vol. 14 No. 3, pp. 283-307.
    • (1997) Journal of Real Estate Finance and Economics , vol.14 , Issue.3 , pp. 283-307
    • Ling, D.1    Naranjo, A.2
  • 60
    • 84945599618 scopus 로고
    • The allocation to property in multi-asset portfolio: the evidence and the theory reconsidered
    • MacGregor, B. and Nanthakumaran, N. (1992), “The allocation to property in multi-asset portfolio: the evidence and the theory reconsidered”, Journal of Property Research, Vol. 9 No. 1, pp. 5-32.
    • (1992) Journal of Property Research , vol.9 , Issue.1 , pp. 5-32
    • MacGregor, B.1    Nanthakumaran, N.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.