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Real Estate Investment: A Capital Market Approach
 
 

Real Estate Investment: A Capital Market Approach (Textbook Binding)

by Gerald R. Brown (Author), G. Matysiak (Author)
4.5 out of 5 stars  See all reviews (2 customer reviews)
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Product details

  • Textbook Binding: 736 pages
  • Publisher: Financial Times/ Prentice Hall (10 Dec 1999)
  • Language English
  • ISBN-10: 0130200638
  • ISBN-13: 978-0130200631
  • Product Dimensions: 23.6 x 17.2 x 3.7 cm
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon.co.uk Sales Rank: 209,538 in Books (See Bestsellers in Books)
  • See Complete Table of Contents

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Product Description

Product Description

Periodic worldwide economic turmoil over the last few decades has created an environment in which the degree of risk of investment assets is now an important factor in their evaluation. Real Estate Investment: A Capital Market Approach is the first text to examine the effect of such changes on real estate markets, taking an in-depth look at three major areas of financial and economic importance within the real estate profession:
· The time value of money and the valuation of cash flows
· Risk and return in real estate
· Portfolio management

Real Estate Investment: A Capital Market Approach is aimed primarily at students on both undergraduate and postgraduate courses in property investment or finance and MBA real estate specialists. The text is also of interest to fund managers, property researchers and professional investment valuers.




From the Back Cover

Real Estate Investment- A Capital Market Approach
Gerald R Brown and George A Matysiak
Periodic worldwide economic turmoil over the last few decades has created an environment in which the degree of risk of investment assets is now an important factor in their evaluation. This new text is the first to examine the effect of such changes on real estate markets, taking an in-depth look at three major areas of financial and economic importance within the real estate profession-
· The time value of money and the valuation of cash flows
· Risk and return in real estate
· Portfolio management
A unique feature of the book is its extensive use of empirical evidence, with ideas supported by research that has been undertaken using real property data. In addition, the authors have explored new areas by pushing back the boundaries of research, to encourage debate and provide a framework for the development of new ideas.
Endorsements x 4 to follow in June**************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************
Real Estate Investment- A Capital Market Approach is aimed primarily at students on both undergraduate and postgraduate courses in property investment or finance and MBA real estate specialists. The text is also of interest to fund managers, property researchers and professional investment valuers.

The authors-
Gerald Brown is currently Professor of Real Estate Investment & Finance and Director of Real Estate Research at the National University of Singapore. He has also held chairs in both the UK and New Zealand. He was the first professor of Property at Auckland University where he established a Real Estate Research Unit. Professor Brown has undertaken a number of consultancy projects and has published numerous papers in international academic and professional journals on real estate investment, risk analysis and performance measurement. He is the author of Property Investment and the Capital Markets and is currently joint editor of the Journal of Property Investment and Finance. He is on the editorial board of a number of international refereed academic journals and has held a number of visiting positions at overseas universities.
George Matysiak is Director of Property Research at Business Strategies and a Senior Research Fellow at the City University Business School, London. He has previously held positions as a senior research analyst at Prudential Portfolio Managers in the UK and as a pension consultant. He has acted as consultant on real estate modelling and forecasting as well as other investment aspects to both UK and overseas clients. He is an active researcher and has published on valuation accuracy, property performance measurement and portfolio investment aspects in academic and professional journals. He is a member of the editorial boards of the Journal of Property Research and the Journal of Property Investment and Finance.


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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

2 Reviews
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Average Customer Review
4.5 out of 5 stars (2 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

 
18 of 18 people found the following review helpful:
4.0 out of 5 stars Property Valuation without Parry's - what a relief!, 15 Mar 2004
By MR J P JONES "jonnyboy71" (London, England) - See all my reviews
(REAL NAME)   
I had been looking for a text to help me make an easy cross-over from a capital markets background to the commercial property industry, while giving me enough ammo to find a potential area of study for an MSc. thesis in property valuation.

What I found initially was a lot of books which claim to be the "new" way to value property, but which were written by property people, for property people. The furthest they seemed to go was teaching property monkeys new ways to say "Years Purchase" - and many of them still referred to Parry's Investment and Valuation tables once they'd done it.

What Brown and Matysiak do well is to communicate to readers in a way which makes sense to analysts and capital market participants, stripping the traditional property industry jargon away from what are, after all, common financial concepts. The real interest lies in the pragmatic approach they take to portfolio management and risk analysis - it's accessible and comprehensive.

So, this book WILL appeal to fund manager/ investment bank analysts, and SHOULD appeal to anyone in the commercial property industry - because a large amount of money comes into property from the financial markets. The RICS should require its study, and the AIMR should include its study within their CFA designation - which is sadly lacking on the real estate side at present.

The only criticism I would make is that Brown and Matysiak try to cover too many bases and appeal to too many levels of student. The property market will be the point of entry to valuation of only a few students - so including the obligatory "time value of money" chapter really is a waste of paper. Thanks for the book, though, chaps!

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5.0 out of 5 stars A RARE ANALYSIS OR REAL ESTATE, 20 Sep 2006
By N. Douros - See all my reviews
(REAL NAME)   
Excellent work, highly documented and pioneering in the field.
Proves that property is equivalent to all other assets and hence modern finance theory applies.
Once you have mastered this book, you will have probably exceeded the MBA in Real Estate level.
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