Skip to main content
  • Book
  • © 2009

Investment Decisions on Illiquid Assets

A Search Theoretical Approach to Real Estate Liquidity

Buying options

eBook USD 79.99
Price excludes VAT (USA)
  • ISBN: 978-3-8349-9955-9
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book USD 99.99
Price excludes VAT (USA)

This is a preview of subscription content, access via your institution.

Table of contents (7 chapters)

  1. Front Matter

    Pages I-XXXIV
  2. Introduction

    Pages 1-7
  3. Liquidity Measurement

    Pages 171-231
  4. Concluding remarks

    Pages 363-366
  5. Back Matter

    Pages 367-438

About this book

Real estate, private equity, arts, and even wine are gaining increasing popularity as capital investments. Attractive risk-return profiles and high diversification potentials make them valuable additions to investment portfolios. Their main drawback, however, is the low level of liquidity. Such assets cannot be bought or sold quickly without compromising large portions of their value. Despite its high practical relevance, this issue has so far received only little attention from researchers.

Jaroslaw Morawski offers a practicable and theoretically well-founded solution to the problems encountered when investing in illiquid assets. Building on the Theory of Search, the author develops a model of the liquidation process for this category of investments. He uses the model to propose a number of methods for measuring liquidity, optimizing exit strategies, and allowing for liquidity in the traditional mean-variance portfolio selection. The result is a coherent investment decision framework designed specifically for private real estate but applicable also to other illiquid assets.

Keywords

  • Estate
  • Immobilien
  • Investment
  • Liquidität
  • Portfolio
  • Portfolio Management
  • Preisgekrönt

Reviews

Die Arbeit wurde mit dem gif Immobilien-Forschungspreis 2008 ausgezeichnet.

About the author

Dr. Jaroslaw Morawski promovierte bei Prof. Dr. Heinz Rehkugler am Lehrstuhl für Finanzwirtschaft und Banken der Universität Freiburg. Er ist als Immobilien-Researcher bei RREEF Alternative Investments tätig.

Bibliographic Information

  • Book Title: Investment Decisions on Illiquid Assets

  • Book Subtitle: A Search Theoretical Approach to Real Estate Liquidity

  • Authors: Jarosław Morawski

  • DOI: https://doi.org/10.1007/978-3-8349-9955-9

  • Publisher: Gabler Verlag Wiesbaden

  • eBook Packages: Business and Economics, Economics and Finance (R0)

  • Copyright Information: Gabler Verlag | Springer Fachmedien Wiesbaden GmbH, Wiesbaden 2009

  • Softcover ISBN: 978-3-8349-1004-2

  • eBook ISBN: 978-3-8349-9955-9

  • Edition Number: 1

  • Number of Pages: XXXIV, 438

  • Topics: Macroeconomics and Monetary Economics, Financial Economics

Buying options

eBook USD 79.99
Price excludes VAT (USA)
  • ISBN: 978-3-8349-9955-9
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book USD 99.99
Price excludes VAT (USA)