An Examination of the Role of Geneva and Zurich Housing in Swiss Institutional Portfolios
AbstractSwiss intitutional investors hold approximately 19% of their wealth in property, and the bulk of the allocation to property is housing. The financial reasons which are often given to motivate this investment strategy are twofold. Firstly, property returns are hypothesised to be lowly correlated with the returns on stocks and bonds, and the inclusion of property in portfolios fo financial assets should lead to diversification benefits. Secondly, property is viewed as acting as an effective hedge against inflation. The aim of this paper is to empirically investiagte these two assumptions on the basis of hedonic price indices for Geneva and Zurich apartment buildings.
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Bibliographic InfoPaper provided by Ecole des Hautes Etudes Commerciales, Universite de Geneve- in its series Papers with number 97.03.
Length: 24 pages
Date of creation: 1997
Date of revision:
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Postal: Suisse; Ecole des Hautes Etudes Commerciales, Universite de Geneve, faculte des SES. 102 Bb. Carl-Vogt CH - 1211 Geneve 4, Suisse
Phone: (+ 41 22) 705-8263
Fax: (+ 41 22) 705-8293
Web page: http://www.unige.ch/gsem/
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SWTIZERLAND ; HOUSING ; INVESTMENTS;
Find related papers by JEL classification:
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
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- Oikarinen, Elias, 2006. "Price Linkages between Stock, Bond and Housing Markets - Evidence from Finnish Data," Discussion Papers 1004, The Research Institute of the Finnish Economy.
- Elias Oikarinen, 2010. "Foreign Ownership of Stocks and Long-run Interdependence Between National Housing and Stock Markets—Evidence from Finnish Data," The Journal of Real Estate Finance and Economics, Springer, vol. 41(4), pages 486-509, November.
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