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A Global Perspective on Real Estate Cycles

  • Book
  • © 2001

Overview

Editors:
  1. Stephen J. Brown

    1. Stern School of Business, New York University, USA

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  2. Crocker H. Liu

    1. Stern School of Business, New York University, USA

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    You can also search for this editor in PubMed   Google Scholar

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Table of contents (6 chapters)

  1. Front Matter

    Pages i-xi
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  2. Introduction

    • Stephen J. Brown, Crocker H. Liu
    Pages 1-4

  3. The Global Real Estate Crash: Evidence from an International Database

    • William N. Goetzmann, Susan M. Wachter
    Pages 5-23

  4. Real Estate and the Asian Crisis: Lessons of the Thailand Experience

    • Bertrand Renaud, Ming Zhang, Stefan Koeberle
    Pages 25-61

  5. Real Estate Income and Value Cycles: A Model of Market Dynamics

    • Yoon Dokko, Robert H. Edelstein, Allan J. Lacayo, Daniel C. Lee
    Pages 63-87

  6. The Cross Section of Global Property Share Returns

    • Piet Eichholtz, Ronald Huisman
    Pages 89-101

  7. Evidence of Cycles in European Commercial Real Estate Markets — and Some Hypotheses

    • Andrew Baum
    Pages 103-115

  8. Back Matter

    Pages 117-121
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About this book

In March 1999, New York University Salomon Center in assocIatIOn with the Department of Finance at NYU Stern held a one-day conference on the impact of real estate cycles on the real estate industry both from a domestic as well as an international perspective. The conference featured the leading research on this topic in the United States, Europe and Asia. Currendy, the real estate industry is at a critical point. New development projects around the world are being put on hold given recent developments in the international capital markets. The industry is hard hit by the decline in real estate investment trust (REIT) share prices and a shrink­ ing pool of capital for real estate ventures. This has unfortunately coincided with serious financial problems of very large hedge funds and other institutional investors in the market for commercial mortgage backed securities. There is need for new insights into the implications of U. S. and global real estate cycles on real estate secu­ rities including REITs and mortgage-backed securities as well as direct real estate investment. This global orientation is important given the high mobility of capital into the real estate, the increasing integration of real estate markets, and the proposed expan­ sion of real estate investment trusts (REIT) into international real estate. The process of globalization has resulted in increased competition between cities for the attrac­ tion of investment.

Editors and Affiliations

  • Stern School of Business, New York University, USA

    Stephen J. Brown, Crocker H. Liu

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