Sven Rehers, Jon Lekander and Ansgar Bernhard Bendiek
This paper compares the benefits of direct international real estate investments in a mixed asset portfolio from the perspective of a passive investor with high and low bond…
Abstract
Purpose
This paper compares the benefits of direct international real estate investments in a mixed asset portfolio from the perspective of a passive investor with high and low bond allocation.
Design/methodology/approach
Due to high data availability and its professionalism, the Norwegian sovereign wealth fund was used as a representative example. Real estate indices from 8 countries were used for the portfolio analysis. The data were desmoothed according to Geltners’s 1993 approach.
Findings
The optimal real estate ratio in the present case is around 20–55%. However, this is strongly dependent on the bond ratio of the multi-asset portfolio. Portfolios with a high equity ratio benefit more from the additional direct real estate investments than portfolios with high bond ratios.
Research limitations/implications
A rebalancing of individual stocks and bonds was not analysed. Only indexes from MSCI (Morgan Stanley Capital International) were available.
Practical implications
Concludes that the weighting of stocks and bonds has a strong influence on the optimal real estate ratio and therefore structural changes that affect this weighting.
Originality/value
The originality of the paper lies in the analysis with different weights of stocks and bonds, the consideration of 8 real estate markets and the observation period. The results of the work highlight areas of interest for further research.
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Kinship and family have been an interest and focus of multidisciplinary research for decades. Sociologists, demographers, anthropologists, historians, and economists have defined…
Abstract
Kinship and family have been an interest and focus of multidisciplinary research for decades. Sociologists, demographers, anthropologists, historians, and economists have defined and redefined family from many perspectives. There are many forms of family. The predominant family form in western society today is the nuclear family, comprised of a married couple and their children. Beyond the nuclear family, and more prevalent in many parts of the world, there are several forms of the extended family, including the stem family, consisting of one adult child with his spouse and his parents, the multigenerational family, where several generations of family members reside together; and the joint family, where married siblings co‐reside.
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Wolfgang Keck and Chiara Saraceno
The twentieth century witnessed dramatic changes both in the population and in the family/kinship age-structure, which affected the prevalence, length, and form of relationships…
Abstract
The twentieth century witnessed dramatic changes both in the population and in the family/kinship age-structure, which affected the prevalence, length, and form of relationships between grandparents and grandchildren. Although most European countries share similar trends, there are considerable national peculiarities which have an impact on the experience of grandchildhood.