Post by Sapphire Capital on Jul 25, 2009 1:31:30 GMT 4
Hedging Real-Estate Risk
Frank J. Fabozzi
Yale School of Management
Robert J. Shiller
Yale University - Cowles Foundation; National Bureau of Economic Research (NBER); Yale University - International Center for Finance
Radu Tunaru
City University London - Faculty of Finance
June 14, 2009
Yale ICF Working Paper No. 09-12
Abstract:
Real-estate assets represent more than one-third of the value of all the underlying physical capital in the United States and the world. The relationship between the level of interest rates and housing prices does not always follow one direction and a shock event in one market may trigger deep repercussions in the other. With the spread of the securitization process, the risks rooted in these two fundamental markets can have far reaching outcomes.
papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1419528_code223089.pdf?abstractid=1419528&mirid=1
Frank J. Fabozzi
Yale School of Management
Robert J. Shiller
Yale University - Cowles Foundation; National Bureau of Economic Research (NBER); Yale University - International Center for Finance
Radu Tunaru
City University London - Faculty of Finance
June 14, 2009
Yale ICF Working Paper No. 09-12
Abstract:
Real-estate assets represent more than one-third of the value of all the underlying physical capital in the United States and the world. The relationship between the level of interest rates and housing prices does not always follow one direction and a shock event in one market may trigger deep repercussions in the other. With the spread of the securitization process, the risks rooted in these two fundamental markets can have far reaching outcomes.
papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1419528_code223089.pdf?abstractid=1419528&mirid=1