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Keywords:Real estate investment 

Speech
A bit better, but very far from best

Remarks at the Fordham Corporate Law Center Lecture, New York.
Speech , Paper 2

Speech
The U.S. economic outlook

Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.
Speech , Paper 20

Report
Defaults and losses on commercial real estate bonds during the Great Depression era

We employ a unique data set of public commercial real estate (CRE) bonds issued during the Great Depression era (1920-32) to determine their frequency of default and total loss given default. Default rates on these bonds far exceeded those originated in subsequent periods, driven in part by the greater economic stress of the Depression as well as the lower level of financial sophistication of investors and structures that prevailed in 1920-32. Our results confirm that making loans with higher loan-to-value ratios results in higher rates of default and loss. They also support the business ...
Staff Reports , Paper 544

Speech
Housing and the economic recovery

Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.
Speech , Paper 73

Speech
The U.S. financial system: where we have been, where we are and where we need to go

Remarks at the Reserve Bank of Australia's 50th Anniversary Symposium, Sydney, Australia.
Speech , Paper 12

Report
Real estate investors, the leverage cycle, and the housing market crisis

We explore a mostly undocumented but important dimension of the housing market crisis: the role played by real estate investors. Using unique credit-report data, we document large increases in the share of purchases, and subsequently delinquencies, by real estate investors. In states that experienced the largest housing booms and busts, at the peak of the market almost half of purchase mortgage originations were associated with investors. In part by apparently misreporting their intentions to occupy the property, investors took on more leverage, contributing to higher rates of default. Our ...
Staff Reports , Paper 514

Journal Article
Swap meet

How a real estate law has driven up farmland prices.
Fedgazette , Volume 20 , Issue Jul , Pages 8

Working Paper
Time and risk diversification in real estate investments: assessing the ex post economic value

Welfare gains to long-horizon investors may derive from time diversification that exploits non-zero intertemporal return correlations associated with predictable returns. Real estate may thus become more desirable if its returns are negatively serially correlated. While it could be important for long horizon investors, time diversification has been mostly investigated in asset menus without real estate and focusing on in-sample experiments. This paper evaluates ex post, out-of-sample gains from diversification when E-REITs belong to the investment opportunity set. We find that diversification ...
Working Papers , Paper 2009-001

Working Paper
Investing for the long-run in European real estate

We calculate optimal portfolio choices for a long-horizon, risk-averse investor who diversifies among European stocks, bonds, real estate, and cash, when excess asset returns are predictable. Simulations are performed for scenarios involving different risk aversion levels, horizons, and statistical models capturing predictability in risk premia. Importantly, under one of the scenarios, the investor takes into account the parameter uncertainty implied by the use of estimated coefficients to characterize predictability. We find that real estate ought to play a significant role in optimal ...
Working Papers , Paper 2006-028

Speech
Real estate in the U.S. economy

Industrial Asset Management Council Convention, St. Louis, Oct. 9, 2007
Speech , Paper 123

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