Peter Acheampong

An international analysis of real estate journals

The leading real estate journals in the USA, UK, Asia and Australia are analysed over 1991‐2000 to assess the impact of international real estate research in these journals. It is found that the focus on international real estate has expanded considerably in recent years, with this focus more evident in the leading UK real estate journals rather than the leading USA real estate journals. Reasons for this difference between the USA and UK real estate journals are identified. Issues relating to international authorship are assessed, with the leading international authors and universities identified.

The Dynamics of the Australian Property Trust Market Risk and Correlation Profile

Abstract The diversification benefits of listed property trusts (LPTs) in investment portfolios in Australia are assessed under different market conditions over 1980–2000. Correlations between LPTs and shares are shown to vary considerably, with the correlation increasing significantly in down-market conditions. This increased correlation between LPTs and shares is also linked to increased LPT and stockmarket volatility. This highlights the need to consider market conditions when considering asset allocations and the level of LPTs in investment portfolios. Given the considerable growth and maturity in LPTs since 1990, LPTs were also seen to retain their portfolio diversification benefits with increased stockmarket volatility in the 1990’s, compared to the potential loss of some of these portfolio diversification benefits in the 1980’s

Property research priorities in Australia

Abstract Using a survey conducted in 2001, property research priorities amongst Australian institutional property investors are examined. Forty property research topics are prioritised and then compared with equivalent USA property research priorities. The role of property in a mixed-asset portfolio was the top priority general property research topic and the impact of capital flows was the top priority specific property research topic. Factor analysis is used to identify the underlying property dimensions in these property research priorities. Strategic property issues and the changing property environment were seen to be the two most important property dimensions.

Portfolio construction and risk management in property securities funds

Abstract The key issue of the number of property trusts to be included in property securities fund portfolios is considered. Using portfolio risk simulations over 1994-2000, it is shown that property securities funds are including more property trusts than are required to achieve optimum portfolio risk, largely due to other risk management criteria that need to be included in effective investment decision-making for property securities funds. This is found to include a range of portfolio construction constraints, such as tracking error, compliance and limiting exposure to individual property trusts. Once these additional criteria are factored in, property securities funds are still including sufficient property trusts for optimum portfolio construction.

Developing a retail property syndication performance index

Abstract Using the Austock exempt property market, a retail property syndication performance index is constructed. This index is used to compare the performance of retail property syndicates with direct retail property and retail listed property trusts in Australia over 1998-2000, with the performance of property syndicates more highly correlated with direct property than listed property trusts. The future development of property syndicates in Australia is also critically assessed.