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Institutional Perspectives on Real Estate Investing: The Role of Risk and Uncertainty

  • Ravi Dhar
  • William Goetzmann

In this paper we address the factors influencing the institutional decision to allocate resources to real estate. We survey a sample of major institutional investors via a web questionnaire. They were willing to answer questions about their target real estate allocation, their plans to increase or decrease their allocation, the major reasons for investing in real estate, and views on the major risks and relative expense of doing so. We find that the endowments in our sample typically had a relatively short history of real estate investment, but planned to increase their allocation to the asset class - more so than pension funds. We also find uncertainty about use of historical data to be a significant factor in the allocation choice.

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File URL: http://icfpub.som.yale.edu/publications/2440
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Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm457.

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Date of creation: 01 Jun 2005
Date of revision: 01 Jul 2005
Handle: RePEc:ysm:somwrk:ysm457
Contact details of provider: Web page: http://icf.som.yale.edu/

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  1. Bryan Routledge & Stanley Zin, 2009. "Model Uncertainty and Liquidity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(4), pages 543-566, October.
  2. Lensink, Robert & Steen, Paul van der & Sterken, Elmer, 2000. "Uncertainty and growth of the firm," CCSO Working Papers 200014, University of Groningen, CCSO Centre for Economic Research.
  3. Epstein, Larry G & Wang, Tan, 1994. "Intertemporal Asset Pricing Under Knightian Uncertainty," Econometrica, Econometric Society, vol. 62(2), pages 283-322, March.
  4. Johan Walden, 2004. "Real Investments under Knightian Uncertainty," Yale School of Management Working Papers amz2496, Yale School of Management, revised 01 Apr 2004.
  5. Colin F. Camerer & Howard Kunreuther, 1989. "Decision processes for low probability events: Policy implications," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 8(4), pages 565-592.
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