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Real and Private-Value Assets

Author

Listed:
  • William Goetzmann

    (Yale School of Management - Yale University [New Haven])

  • Christophe Spaenjers

    (HEC Paris - Ecole des Hautes Etudes Commerciales)

  • Stijn van Nieuwerburgh

    (Columbia University [New York])

Abstract

Real and private-value assets—defined here as the sum of real estate, infrastructure, collectibles, and noncorporate business equity—compose an investment class worth an estimated $84 trillion in the U.S. alone. Furthermore, private values can affect pricing in many other financial markets, such as that for sustainable investments. This paper introduces the research on real assets and private values that can be found in this special issue. It also reviews recent advances and highlights new research directions on a number of topics in the real assets space that we believe to be particularly important and exciting.

Suggested Citation

  • William Goetzmann & Christophe Spaenjers & Stijn van Nieuwerburgh, 2021. "Real and Private-Value Assets," Working Papers hal-03501704, HAL.
    • Handle: RePEc:hal:wpaper:hal-03501704
    DOI: 10.2139/ssrn.3803091
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    More about this item

    Keywords

    real estate; infrastructure; collectibles; entrepreneurship; sustainable investing;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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