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Real and Private-Value Assets

Author

Listed:
  • William N. Goetzmann
  • Christophe Spaenjers
  • Stijn Van Nieuwerburgh

Abstract

Real and private-value assets—defined here as the sum of real estate, infrastructure, collectibles, and non-corporate business equity—is an investment class worth an estimated $85 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 suggests 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 N. Goetzmann & Christophe Spaenjers & Stijn Van Nieuwerburgh, 2021. "Real and Private-Value Assets," NBER Working Papers 28580, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:28580
    Note: AP CF EFG PE
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    Cited by:

    1. Yi Fan & Maggie Rong & Wayne Xinwei Wan & Zhenping Wang, 2023. "A Tale of Two Cities: Mainland Chinese Buyers in the Hong Kong Housing Market," Review of Finance, European Finance Association, vol. 27(6), pages 2205-2232.
    2. Roman Kräussl & Alessandro Tugnetti, 2024. "Non‐Fungible Tokens (NFTs): A Review of Pricing Determinants, Applications and Opportunities," Journal of Economic Surveys, Wiley Blackwell, vol. 38(2), pages 555-574, April.
    3. Jawad M. Addoum & Piet Eichholtz & Eva Steiner & Erkan Yönder, 2024. "Climate change and commercial real estate: Evidence from Hurricane Sandy," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 52(3), pages 687-713, May.
    4. Bernardus van Doornik & Dimas Fazio & Tarun Ramadorai & Janis Skrastins, 2024. "Housing and Fertility," Working Papers Series 612, Central Bank of Brazil, Research Department.
    5. Whitaker, Amy & Kräussl, Roman, 2023. "Art collectors as venture capitalists," CFS Working Paper Series 696, Center for Financial Studies (CFS).
    6. Fisher, Jack & Gavazza, Alessandro & Liu, Lu & Ramadorai, Tarun & Tripathy, Jagdish, 2024. "Refinancing cross-subsidies in the mortgage market," Journal of Financial Economics, Elsevier, vol. 158(C).
    7. Arpit Gupta & Vrinda Mittal & Stijn Van Nieuwerburgh, 2026. "Work from Home and the Office Real Estate Apocalypse," American Economic Review, American Economic Association, vol. 116(2), pages 674-709, February.

    More about this item

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • G0 - Financial Economics - - General
    • R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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