Objectives
REFI is a master course in which participants will be educated in a wide range of investment topics relating to real estate and mortgage assets.
The course is applied in nature in that the actual practices of real estate professionals are taught and discussed. Some of the topics included in
this course are: real estate in the mixed-asset portfolio; real estate performance measurement, real estate equity securitization, and the surge and
fall in mortgage-backed securities . The primary objectives of the course are to link the real estate markets to the financial markets, giving full
attention to the theoretical real estate investment issues involved.
General characterization
Code
2243
Credits
3.5
Responsible teacher
Melissa Porras Prado
Hours
Weekly -
Available soon
Total -
Available soon
Teaching language
English
Prerequisites
n/a
Bibliography
DiPasquale, D., W.C. Wheaton. 1992. The Markets for Real Estate Assets and Space: A Conceptual Framework. Journal of American Real Estate and Urban Economics Association. V20, 1 pp. 181-197
Hudson-Wilson et al. 2005. Why Real Estate? Journal of Portfolio Management 31(5). 12-21
Case, K.E., J.M. Quigley and R.J. Shiller. 2005. Comparing Wealth Effects: The Stock Market versus the Housing Market. Advances in Macroeconomics. Vol 5 (1)
McAllister, P., A. Baum, N. Crosby, P. Gallimore and A. Gray. 2003. Appraiser behavior and appraisal smoothing: some qualitative and quantitative evidence, Journal of Property Research 20(3). 261-80
Case. B, H.O. Pollakowski and S.M. Wachter. 1991. On Choosing Among House Price Index Methodologies. Real Estate Economics 19(3). 286-307
Geltner, D. 1993. Estimating Market Values from Appraised values without Assuming an Efficient Market. Journal of Real Estate Research 12(2). 325-45
Stevenson, S. 2000. International Real Estate Diversification: Empirical Tests using Hedged Indices. Journal of Real Estate Research 19(1). 105-31
Giliberto, 1993, Measuring Real Estate Returns: The Hedged REIT Index, Journal of Portfolio Management.
Brounen, D., S. de Koning. 2012. 50 Years of Real Estate Investment Trusts: An International Examination of the Rise and Performance of REITs. Journal of Real Estate Literature 20, 2, 197-222.
Pagliairi, J.L., K.A. Scherer, R.T. Monopoli. 2003. Public versus Private Real Estate Equities. Journal of Portfolio Management, 101-11
Pagliairi, J.L., K.A. Scherer, R.T. Monopoli. Public Versus Private Real Estate Equities: A More Refined, Long-Term Comparison. Real Estate Economics; Spring 2005; 33, 1
Barkham, R.J. and C.W.R. Ward. 1999. Investor Sentiment and Noise Traders: Discount to Net Asset Value in listed Property Companies in the U.K., Journal of Real Estate Research 18(2), 291-312
Teaching method
Classes are devoted to the presentation of the material by the instructor and to application of the material in the form of an assigment. There will
be readings available online of scientific journals.
Evaluation method
Final exam 70% (compulsory);
Group assignment 20%;
In-class presentations 10%.
Subject matter
Real Estate System
Real Estate Performance
Real Estate Securitization
REITs
Portfolio Allocation
Real Estate Derivatives
Debt Securitization: MBS, pass-through, CMBS
Subprime Crises
Programs
Programs where the course is taught:
