Matches in SemOpenAlex for { <https://semopenalex.org/work/W3122679396> ?p ?o ?g. }
Showing items 1 to 69 of
69
with 100 items per page.
- W3122679396 abstract "This paper presents a methodology to examine real estate portfoliois debt structure. Using Monte-Carlo simulations and real options, our approach refines the analysis of the debt structure applicable to real estate portfolio. More precisely, the volatility of the fund, the loan to value, the default probability as well as the Interest Coverage Ratio are analyzed taking into account the state of the market and the various lease structures. We simulate simultaneously numerous trajectories for both the price and the market rental value and compute for each scenario the evolution of the fundis net asset value given the terms of the loan and taking into account the behavior of the tenants and thus the possible lack in cash flows. We also draw a set of risk levels according to leverage showing how the loan is affecting the overall portfolio risk level. The originality of this paper resides in the forward approach. Instead of relying on historical data, our model makes it possible to take into account oneis beliefs or oneis forecasts. Indeed our model is designed to serve risk management team, credit analyst as well as fund manager. We can use our model as tool to assess credit risk of a given portfolio. Furthermore this paper pave the way of several measurements such as the Credit-Var or the Loss Given Default which are traditionally difficult to compute in real estate finance. First we review the literature on fundis debt structure and on Monte-Carlo methods in real estate finance. Then the paper describes the suggested model. We particularly focus on net asset value and cash flows analysis. Lastly, we proceed to an empirical analysis over the period 2000-2009 using Property Market Analysis for a pan-European portfolio. We conclude by recommendations concerning the optimal debt level." @default.
- W3122679396 created "2021-02-01" @default.
- W3122679396 creator A5025876400 @default.
- W3122679396 creator A5047165827 @default.
- W3122679396 creator A5067950570 @default.
- W3122679396 creator A5088131147 @default.
- W3122679396 date "2010-01-01" @default.
- W3122679396 modified "2023-09-26" @default.
- W3122679396 title "REAL ESTATE PORTFOLIO OPTIMAL DEBT STRUCTURE: A PAN-EUROPEAN APPROACH" @default.
- W3122679396 hasPublicationYear "2010" @default.
- W3122679396 type Work @default.
- W3122679396 sameAs 3122679396 @default.
- W3122679396 citedByCount "0" @default.
- W3122679396 crossrefType "posted-content" @default.
- W3122679396 hasAuthorship W3122679396A5025876400 @default.
- W3122679396 hasAuthorship W3122679396A5047165827 @default.
- W3122679396 hasAuthorship W3122679396A5067950570 @default.
- W3122679396 hasAuthorship W3122679396A5088131147 @default.
- W3122679396 hasConcept C10138342 @default.
- W3122679396 hasConcept C106159729 @default.
- W3122679396 hasConcept C119857082 @default.
- W3122679396 hasConcept C120527767 @default.
- W3122679396 hasConcept C153083717 @default.
- W3122679396 hasConcept C162118730 @default.
- W3122679396 hasConcept C162324750 @default.
- W3122679396 hasConcept C178350159 @default.
- W3122679396 hasConcept C2780821815 @default.
- W3122679396 hasConcept C41008148 @default.
- W3122679396 hasConcept C82279013 @default.
- W3122679396 hasConcept C91602232 @default.
- W3122679396 hasConceptScore W3122679396C10138342 @default.
- W3122679396 hasConceptScore W3122679396C106159729 @default.
- W3122679396 hasConceptScore W3122679396C119857082 @default.
- W3122679396 hasConceptScore W3122679396C120527767 @default.
- W3122679396 hasConceptScore W3122679396C153083717 @default.
- W3122679396 hasConceptScore W3122679396C162118730 @default.
- W3122679396 hasConceptScore W3122679396C162324750 @default.
- W3122679396 hasConceptScore W3122679396C178350159 @default.
- W3122679396 hasConceptScore W3122679396C2780821815 @default.
- W3122679396 hasConceptScore W3122679396C41008148 @default.
- W3122679396 hasConceptScore W3122679396C82279013 @default.
- W3122679396 hasConceptScore W3122679396C91602232 @default.
- W3122679396 hasLocation W31226793961 @default.
- W3122679396 hasOpenAccess W3122679396 @default.
- W3122679396 hasPrimaryLocation W31226793961 @default.
- W3122679396 hasRelatedWork W104905652 @default.
- W3122679396 hasRelatedWork W107279929 @default.
- W3122679396 hasRelatedWork W126166800 @default.
- W3122679396 hasRelatedWork W1519654089 @default.
- W3122679396 hasRelatedWork W1523632232 @default.
- W3122679396 hasRelatedWork W1586873636 @default.
- W3122679396 hasRelatedWork W174266518 @default.
- W3122679396 hasRelatedWork W2038788358 @default.
- W3122679396 hasRelatedWork W2061734900 @default.
- W3122679396 hasRelatedWork W2130505065 @default.
- W3122679396 hasRelatedWork W2210367466 @default.
- W3122679396 hasRelatedWork W2238773621 @default.
- W3122679396 hasRelatedWork W2513879700 @default.
- W3122679396 hasRelatedWork W3122452785 @default.
- W3122679396 hasRelatedWork W3123055720 @default.
- W3122679396 hasRelatedWork W3123223966 @default.
- W3122679396 hasRelatedWork W3124031425 @default.
- W3122679396 hasRelatedWork W3196933557 @default.
- W3122679396 hasRelatedWork W3198055780 @default.
- W3122679396 hasRelatedWork W426443348 @default.
- W3122679396 isParatext "false" @default.
- W3122679396 isRetracted "false" @default.
- W3122679396 magId "3122679396" @default.
- W3122679396 workType "article" @default.