L'eficiència del mercat immobiliari: estratègies i instruments

• Autores: Anna M. Panosa Gubau
• Directores de la Tesis: Modest Fluvià (dir. tes.), Joan Montllor i Serrats (dir. tes.)
• Lectura: En la Universitat de Girona ( España ) en 2012
• Idioma: catalán
• Tribunal Calificador de la Tesis: Montserrat Casanovas Ramón (presid.), María Antonia Tarrazón Rodón (secret.), Mercè Carreras i Solanas (voc.)
• Materias:
  • Ciencias económicas
    • Actividad económica
      • Consumo ahorro, inversión
    • Teoría económica
      • Teoría de la inversión
    • Organización y dirección de empresas
      • Gestión financiera
    • Economía sectorial
      • Finanzas y seguros
• Enlaces
  • Tesis en acceso abierto en: TDX
• Resumen

  • Real estate represents a part of the portfolio of many investors and can be accessed from both the real and the financial market. The low efficiency of real market prevents from taking advantage of the value created through diversification. This value can be partially recovered substituting real assets by securitized assets such as REITs. The empirical study of both markets in Spain shows an insufficient supply of securitized assets and the inexistence of an organized market of real estate derivatives, leading to a lower efficiency compared to other countries where they do exist. The relationship between real and financial markets opens a way to study real estate bubbles. It also enables to identify the sources of real estate risks and the strategies for hedging it. A wide development of assets-securitization and derivatives is essential to manage real estate risk and to improve the efficiency of the real estate market.