edited by Jianping Mei (New York University, USA) & Hsien-Hsing Liao (National Taiwan University, Taiwan)

About the Editors

Associate Professor Jianping Mei is an associate professor of finance at the Stern School of Business, New York University. He received his PhD from Princeton University. He has published over 30 articles in American Economic Review, Journal of Finance, Review of Financial Studies, Real Estate Economics, and other academic journals. Author of 3 other finance books. He has taught a highly popular MBA course on Emerging Market Finance based on his recent book with Burton Malkiel (“Global Bargain Hunting”). He has developed a Fine Art Price Index with Michael Moses. He has received several “Best Research Paper Award" from various academic organizations. His research has been covered extensively by the major news media in the US, UK, Japan, Canada, Korea, China, and Singapore.
 

Associate Professor Hsien-Hsing Liao, author of 3 other finance books, PhD from Rutgers University.
 

Real estate finance is a fast-developing area where top quality research is in great demand. In the US, the real estate market is worth about US$4 trillion, and the REITs market about US$200 billion; tens of thousands of real estate professionals are working in this area. The market overseas could be considerably larger, especially in Asia.

Given the rapidly growing real estate securities industry, this book fills an important gap in current real estate research and teaching. It is an ideal reference for investment professionals as well as senior MBA and PhD students.

• Introduction: Real Estate Analysis in a Dynamic Risk Environment
• The Predictability of Returns on Equity REITs and Their Co-Movement with Other Assets
• The Predictability of Real Estate Returns and Market Timing
• A Time-Varying Risk Analysis of Equity and Real Estate Markets in the US and Japan
• Price Reversal, Transaction Costs, and Arbitrage Profits in Real Estate Securities Market
• Bank Risk and Real Estate: An Asset Pricing Perspective
• Assessing the “Santa Claus” Approach to Asset Allocation: Implications for Commercial Real Estate Investment
• The Time-Variation of Risk for Life Insurance Companies
• The Return Distributions of Property Shares in Emerging Markets
• Conditional Risk Premiums of Asian Real Estate Stocks
• Institutional Factors and Real Estate Returns: A Cross-Country Study