关于房地产投资风险类型的研究

本借鉴了证券投资组合理论和资本资产定价模型的思想，将房地产投资风险划分为系统风险和非系统风险，并结合我国的实际情况，对房地产投资风险的类型进行了深入的研究。     

基于供应链管理的房地产开发企业合伙模式研究

基于供应链的思想，传统制造业中的各个企业被看作整个供应链中的某一环节，供应链管理使企业集中优势资源与精力创造特殊价值，提高自身竞争能力并带动相关企业发展。房地产开发企业作为自身行业中的“集成制造商”，应该充分借鉴供应链管理的思想，大力发展与相关合作对象的伙伴关系，基于其独特的供应链的内部集成，建立合适的合伙模式，以达到降低开发成本、提高项目品质、增强企业核心竞争力的目标。     

Three New Real Estate Price Indices for Geneva,Switzerland

This paper develops constant-quality price indices for three categories of real estate-apartment buildings, vacant land, and condominiums—for the city of Geneva, Switzerland. We use both the hedonic and repeat sales models to estimate the price level and, in turn, the rate of price change. The general pattern of each series suggests that real estate prices in Geneva were fairly stable throughout the 1970s, increased sharply during the 1980s, but gave back some of these gains in the early 1990s. Interestingly, the sharp rise in prices in the second half of the 1980s is very similar to that found in some regions of the United States. We also consider the problem, implicit in the repeat sales method, of revisions in previously estimated price indices as additional data become available in later years.     

The Friday Effect in European Securitized Real Estate Index Returns

This study extends research on the day-of-the-week effect towards European real estate indices. We examine this anomaly for several European securitized real estate index returns between 1990 and 2003. Although the countries under analysis have unique country-specific patterns, we find that eight out of eleven European countries exhibit abnormally high Friday returns. Moreover, two different Europe indices also exhibit the Friday anomaly. The anomaly is robust with respect to extreme observations, alternative specifications and several well-known calendar effects.     

Diversification Benefits of Japanese Real Estate Over the Last Four Decades

This paper studies the benefits of diversifying into real estate and other assets that typify the wealth held by Japanese investors. We examine movements in mean variance frontiers by employing spanning tests to assess the statistical significance of frontier shifts. We also investigate the impact of shifts in mean variance frontiers before and after the precipitous decline in Japanese real estate and stock market values that began in 1990. Spanning tests show that real estate, short and long-term bonds, and Japanese equity provide significant diversification benefits. We find that mean variance frontiers shift after 1990. Statistically significant shifts are also economically important as measured by Sharpe ratio changes. Although significant, the portfolio weights on Japanese real estate are relatively small compared to their composition found in surveys of Japanese household wealth.     

当代美国住宅的思考

美国2000年新建住宅投资4251亿美元，占固定资产投资的21．3％；住宅直接消费为9588亿美元，占GDP的9．71％；年存量住宅为1．16亿套(户)，空置率为5．9％。购买新房一般中值价为80美元／ft^2，一套住宅(2000ft^2)中值房价为16万美元；按中值计算贷款购房的支出与收入比为1：4．7；在美国仍有3500万户居民租用住宅。     

Entry in the presence of dueling options

This paper investigates the influence of industry uncertainty on the decision by established firms to enter a new industry. Specifically, we examine the tension between the option to defer , which discourages entry in the presence of uncertainty, and the option to grow , which may encourage entry in the presence of uncertainty when there are early mover advantages. Empirical analysis on data from a broad array of industries revealed that the effect of uncertainty on entry is not monotonic. Our findings are the first to find support for the nonmonotonic effect of uncertainty that has only recently emerged in theoretical treatments of real options theory, and amplify the importance of considering both the option to defer and the option to grow when contemplating entry. Furthermore, we found evidence that the relationship between uncertainty and entry is moderated by: (a) irreversibility, which influences the value of the option to defer; (b) the total value of growth opportunities; and (c) early mover advantages, which magnify the value of growth options. Copyright © 2003 John Wiley & Sons, Ltd.     

房地产投资项目融资风险的灰色模糊评判研究

房地产投资项目的融资风险问题具有灰色性(信息不完全)和模糊(概念不明确)性。考虑到灰色性和模糊性的影响，采用适用性更广的灰色模糊多级综合评判理论，对房地产投资项目融资风险的多级指标体系进行综合评判，可以有效地、全面地和系统地评价房地产投资项目融资风险的大小，为项目融资项目决策提供准确依据。     

浅析房地产开发企业融资方式之变革

中央人民银行出台《关于进一步加强房地产信贷业务管理的通知》，引发了房地产开发企业融资方式的变化，房地产开发企业应对当前融资环境变化，采取切实可行的融资渠道和资金运营方法，今后将成为主流房地产项目融资方式有：房地产信托投资、房地产企业上市、房地产基金、债券融资和住宅抵押贷款证券化等。     

房地产融资渠道分析

由于国家银根收缩，房地产融资难度增大，加上中国房地产金融体系尚未完善，融资渠道狭窄，在一定程度上限制了我国房地产业的发展。房地产业需要新的融资渠道，如信托、基金、债券等取代传统的银行贷款融资模式。针对新的市场现状，各房地产企业必须加强资本运作能力，扩大融资渠道，创新金融产品。