Titlebook: Investment Decisions on Illiquid Assets; A Search Theoretical Jaros?aw Morawski Book 2009 Gabler Verlag | Springer Fachmedien Wiesbaden Gmb

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Concluding remarks,lio management methods to real estate.. In turns out that the main difficulty with this asset class is the lack of perfect liquidity, which is required by most capital market theories. While researchers generally agree that this issue is of high importance, there is surprisingly little related liter

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978-3-8349-1004-2Gabler Verlag | Springer Fachmedien Wiesbaden GmbH, Wiesbaden 2009

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https://doi.org/10.1007/978-3-8349-9955-9Estate; Immobilien; Investment; Liquidit?t; Portfolio; Portfolio Management; Preisgekr?nt

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ticipants. Examples of such assets characterized by limited liquidity and valuations’ heterogeneity are direct real estate investments, private eq- ty, and many other privately traded goods. A number of rather simple extensions to the Markowitz model allowing for listed - curities with limited liquidity have 978-3-8349-1004-2978-3-8349-9955-9

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Introduction,the theoretical economy in this phenomenon is driven by the desire to understand the differences in the economic role of different assets and, consequently, in the differences in their valuations, which are not always apparent and rational on the first sight. Why should a house, which has a very dir

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Concluding remarks,ks, like the mean-variance approach to portfolio optimization. In the light of the enormous complexity of the problem, a methodical approach was needed that would allow capturing the full scope of liquidity within one consistent and easily handled model. The solution was provided by the mathematical