The Information Content Of Real Estate Derivative Prices

摘要

In the short time since their introduction, real estate derivatives contracts have become an important tool for real estate investors and investment managers. The use of derivatives contracts allows market participants to modify their exposure to the commercial real estate sector more quickly and cost effectively than trading physical properties. They also allow investors and investment managers to hedge their risk in the real estate market, an option previously not available. Furthermore, real estate derivatives have enabled the creation of new structured products and new forms of investment in real estate (Fabozzi, Shiller, and Tunaru [2010]).