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SUMMARY:Measuring real estate investment performance: A European compariso
 n of different approaches - Dr Steve Devaney\, Henley Business School\, Un
 iversity of Reading
DTSTART:20130227T160000Z
DTEND:20130227T170000Z
UID:TALK43783@talks.cam.ac.uk
CONTACT:Joanna Laver
DESCRIPTION:The performance of real estate investment markets is difficult
  to monitor because the constituent assets are heterogeneous\, are traded 
 infrequently and do not trade through a central exchange in which prices c
 an be observed. To address this\, appraisal based indices have been develo
 ped that use the records of owners for whom buildings are regularly re-val
 ued. These indices provide a practical solution to the measurement problem
 \, but have been criticised for understating volatility and not capturing 
 market turning points in a timely manner. This paper evaluates alternative
  ‘Transaction Linked Indices’ that are estimated using an extension of
  the hedonic method for index construction and with Investment Property Da
 tabank data. The two types of indices are compared to each other and to pr
 operty company share price series over the period 2002-2012 in order to ex
 amine whether movements in these indices are consistent. The transaction l
 inked series show stronger growth and sharper declines than their appraisa
 l based counterparts over the course of the cycle in different European ma
 rkets\, and they are more volatile. However\, they have some important lim
 itations\; for instance\, only highly aggregated indicators can be publish
 ed owing to low trading volumes over the period studied.\n\nDr Devaney joi
 ned the Henley Business School in September 2012 having previously worked 
 as a lecturer at the University of Aberdeen Business School. His teaching 
 and research are focused on the commercial property investment market\, on
  which he has published academic articles as well as research reports for 
 bodies such as the Investment Property Forum and RICS. In addition\, he ha
 s research interests in the area of urban history and his doctoral researc
 h\, completed in 2010\, focused on the history of the City of London offic
 e market
LOCATION:Mill Lane Lecture Room 7
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