Property investment and the capital markets

Abstract

Part 1 Decision making under certainty and uncertainty: the importance of present value the effect of risk on present value principal issues diversification and portfolio theory the development of capital market theory the capital asset pricing model relaxing the assumptions tests of the capital asset pricing model property and the market portfolio portfolio expansion and revision criticisms of risk return measures used in property investment analysis. Part 2 Efficiency and its effect on pricing: the importance of information in assessing value efficiency of the market capitalizing on information valuation models a general approach to valuation simplifying the model alternative valuation models the equivalent yield model the equated yield model the rational valuation model reconciliation. Part 3 Hedging against inflation: development of inflation the theory defining a hedge against inflation assessing expected inflation UK and US studies on inflation hedging. Part 4 Portfolio construction: background simple statistics methodology empirical tests using value-weighted portfolios investment in all sectors portfolio diversification systematic risk of existing portfolios. Part 5 Portfolio strategy and asset allocation: portfolio strategy technical analysis fundamental analysis active/passive strategies tracking an index with a property portfolio consistent and inconsistent strategies tracking expectations property selection processing information asset allocation and sector allocation. Part 6 Performance measurement: the valuation process valuations versus prices and versus valuations valuations whim communication, accountability and research objectives of a performance measurement system measuring returns money-weighted and time-weighted rates of return calculating time-weighted rates of return the linked internal rate of return the mean fund concept choosing a bench-mark analysing the results.

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