Joseph Bamidele Oyedele

Performance of global listed infrastructure investment in a mixed asset portfolio

This paper seeks to examine global infrastructure investment performance compared with other global asset classes such as stocks, bonds, real estate investment trusts, property, hedge funds and private equity. The paper examines the level of correlation of infrastructure with the other assets classes largely reflecting the diversification potential of infrastructure within a mixed asset portfolio. Monthly return indices obtained from Thomson Reuters DataStream over a 10-year period (2001–2010) facilitated the examination of listed infrastructure investment return characteristics including average annual return, annual risk, Sharpe index, mean variance portfolio and maximum return portfolio. Efficient portfolio frontiers were computed using risk solver platform version 11. From a global perspective, investments in infrastructure show a robust comparative performance over the 10-year timeframe (2001–2010). The study is supportive of the argument that the inclusion of infrastructure in a mixed asset portfolio enhances investment performance. The role of global infrastructure in a multi-asset portfolio is shown to be more risk reduction rather than enhancement of return. From a practical viewpoint, the systematic allocation of between 10 and 17.63% of infrastructure into a global investment portfolio can significantly enhance diversification benefits for investors.

Performance and role of European listed infrastructure in a mixed‐asset portfolio

Purpose – The purpose of this paper is to examine the performance of European listed infrastructure before, during and after the global financial crisis and the significance of European infrastructure in a mixed asset portfolio. The paper examines the level of correlation of European infrastructure with other major assets classes and substantiates the potential diversification benefits of including European infrastructure within a mixed asset portfolio.Design/methodology/approach – The study uses monthly investment return indices obtained from Thomson Reuters DataStream over a ten year period (2001‐2010). The paper analysed the European listed infrastructure investment return characteristics including average annual return, annual risk, Sharpe indices, mean variance portfolio and maximum return portfolio and computes the efficient portfolio frontiers using the risk solver optimization tool.Findings – This study shows that despite the global financial turmoil, a robust performance was seen by certain infra...

Performance and significance of UK-listed infrastructure in a mixed-asset portfolio

Purpose – This paper aims to examine the performance of UK-listed infrastructure over a unique investment period covering the global financial crisis and investigates the significance of UK infrastructure in a multi-asset portfolio. The analysis reveals the level of correlation of UK infrastructure with other major assets classes and substantiates the potential diversification benefits of including UK infrastructure within a mixed-asset portfolio. Design/methodology/approach – The study uses monthly investment return indices obtained from Thomson Reuters DataStream over a ten-year period (2001-2010). The paper analyzed the UK-listed infrastructure investment return characteristics including average annual return, annual risk, Sharpe indices, mean variance portfolio and maximum return portfolio and computes the efficient portfolio frontiers using the risk-solver optimization tool. Findings – The performance results show that UK infrastructure produced better risk-return trade-offs than those of UK property...

Price formation in residential property market: evidence from FGLP auction in Nigeria

Purpose – A significant number of published empirical studies of real estate auctions abound in real estate literature. These studies focus on the auction price formation process through the comparison of sales from different auctions to revenue from private negotiations. While these studies have made useful contributions to the literature, they are largely confined to data emanating from auctions in the UK format. Other auction formats have been virtually ignored; thus creating a gap in the literature. This study, therefore seeks to extend research in the auction price formation process through an empirical analysis of transaction prices from the perspective of another auction format: first sealed bid auction.Design/methodology/approach – The data for this study consist of a sample size of 120 residential properties sold at auction of the Federal Government Landed Properties (FGLP) in Ikoyi, Lagos, Nigeria. Transaction data for each of the sampled properties were compiled from Vol. 11, No. 3834 of Thisda...

Factors influencing women participation in home ownership in Nigeria

Purpose – Women owning a home may take various forms which may be one of the following: through development of land, buying a home or through inheritance. Meanwhile, in many countries and regions of Sub-Saharan African, women’s rights to land and the incidence of exercising rights have been eroded over time. The purpose of this paper is to examine the factors influencing women participation in home ownership in Nigeria with a view to improving housing provision. Design/methodology/approach – The study purposively administered 170 questionnaires to female staff of the Federal Polytechnic, Ede, Nigeria, who was the study population. This population was chosen because of the fact that the institution is owned by Federal Government, where Federal characters are well reflected. The population cut across major tribes in Nigeria. Both descriptive and inferential technique was used to analyze the data. Findings – The results revealed that income status, cultural norms/traditions, unemployment, structural inequali...

The significance of real estate development process analysis to residential property investment appraisal in Abuja, Nigeria

ABSTRACT Arising from the lack of consensus as to development process that is being used by the real estate developers, this study examined the real estate development process analysis to residential property investment with a view to determining significant stages that affect real estate investment appraisal in Nigeria. Close ended questionnaire was used to obtain information from real estate developers in Abuja. The respondents were asked to score on the Likert scale their level of involvement with the development process and its effect on residential development process analysis. The data were then computed using mean scores and relative importance indices. Results showed that the development phases above the mean value of 3.63 were considered as the significant stages in the development process. Also, the effect on development phases to successful residential property development appraisal was ranked as an increased in the final cost of the project (3.38), followed by the changed in time frame (3.33). The findings revealed that the study is one of the few attempts that investigated the development process being adopted in residential property development and this provides an insight into the real estate development decision-making process.