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Property Sector Financialization: The Case of Swiss Pension Funds (1992-2005)

机译:财产部门的金融化:以瑞士养老金为例(1992-2005年)

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Financialization is a major trend in Western economies. This paper shows, on the one hand, how it changes the management criteria and, on the other hand, the limits to financialization in the property sector. Between 1992 and 2004, about 15% of Swiss pension funds' wealth was invested in property. As far as their investment policy is concerned, pension funds have two choices. First, they can directly own, and have management responsibility for, the properties in their portfolios. Alternatively, they can buy shares in mainly Zurich-based investment vehicles. In the first case, pension funds require staff with the relevant expertise along with the knowledge of property markets. Investments have a regional focus and are assessed internally by the funds. In the second case, pension funds are merely investors and investment appraisals and comparisons are made on the basis of market criteria such as yield, diversification in relation to risk and liquidity. In this case, property investments focus solely on the country's main urban areas.View full textDownload full textRelated var addthis_config = { ui_cobrand: "Taylor & Francis Online", services_compact: "citeulike,netvibes,twitter,technorati,delicious,linkedin,facebook,stumbleupon,digg,google,more", pubid: "ra-4dff56cd6bb1830b" }; Add to shortlist Link Permalink http://dx.doi.org/10.1080/09654310903491507
机译:金融化是西方经济的主要趋势。本文一方面展示了它如何改变管理标准,另一方面展示了房地产领域金融化的局限性。在1992年至2004年之间,瑞士养老基金的财富约有15%用于房地产投资。就其投资政策而言,养老基金有两种选择。首先,他们可以直接拥有其投资组合中的财产并对其负有管理责任。另外,他们可以购买主要位于苏黎世的投资工具的股票。在第一种情况下,养老基金需要具备相关专业知识以及房地产市场知识的员工。投资以区域为重点,并由各基金内部进行评估。在第二种情况下,养老金仅是投资者,投资评估和比较是根据市场标准进行的,例如收益率,与风险和流动性相关的多元化。在这种情况下,房地产投资只集中在该国的主要城市地区。查看全文下载全文相关变量add add_id stumbleupon,digg,google,more“,pubid:” ra-4dff56cd6bb1830b“};添加到候选列表链接永久链接http://dx.doi.org/10.1080/09654310903491507

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