IDEAS home Printed from https://ideas.repec.org/a/ban/bancar/v10y2009moctoberp47-63.html
   My bibliography  Save this article

The risk exposure of property cash flows: evidence from the italian market

Author

Listed:
  • Claudio Giannotti

    (Università LUM Jean Monnet di Casamassima)

  • Gianluca Mattarocci

    (Università di Roma “Tor Vergata”)

Abstract

The variability of cash flows of Real Estate investments is affected by specific characteristic of each investment and by the choices for the portfolio composition and for the debt structure. The Italian Real Estate funds could not be evaluated with the same approaches used for other international real estate vehicles because some characteristics are not comparable and so it is necessary to modify them. The aim of the article is to analyse the main characteristics that can define the Real Estate Investment Fund risk. Results demonstrate that the risk is highly influenced by portfolio construction choices respect to the capability of selecting best investment opportunities. The leverage policy must be considered evaluating the variability of expected inflows/outflows and the leverage sustainability.

Suggested Citation

  • Claudio Giannotti & Gianluca Mattarocci, 2009. "The risk exposure of property cash flows: evidence from the italian market," BANCARIA, Bancaria Editrice, vol. 10, pages 47-63, October.
    • Handle: RePEc:ban:bancar:v:10:y:2009:m:october:p:47-63
    as

    Download full text from publisher

    File URL: http://www.bancariaeditrice.it/prodotti/vedi/prodotto/id/1968/bancaria-n-10-2009
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    rating; real estate funds; risk;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ban:bancar:v:10:y:2009:m:october:p:47-63. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Francesco Emiliano Tani (email available below). General contact details of provider: https://www.bancaria.it .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.