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dc.contributor.advisorDavid Geltner.en_US
dc.contributor.authorEisenberg, Orielen_US
dc.contributor.otherMassachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development.en_US
dc.date.accessioned2014-01-23T17:12:09Z
dc.date.available2014-01-23T17:12:09Z
dc.date.issued2013en_US
dc.identifier.urihttp://hdl.handle.net/1721.1/84177
dc.descriptionThesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013.en_US
dc.descriptionThis electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.en_US
dc.descriptionCataloged from student-submitted PDF version of thesis.en_US
dc.descriptionIncludes bibliographical references (pages 78-79).en_US
dc.description.abstractThe paper reviews the development, structure and trade of past real estate equity hedging instruments. The reviewed products represent a wide array of real estate derivatives, covering multiple property types, index methodologies and trading domains. Based on a series of interviews with leading product developers, market makers, traders and scholars, the paper examines and defines the unique features of the different products and analyzes their value proposition, market conditions and performance. In order to gain an overall perspective on the prospects of real estate derivatives, the paper discusses types of market demand for real estate investing and hedging. In this context, we present real estate debt hedging instruments and compare their trade and use with past real estate equity products. In addition, we discuss recent regulatory acts and their influence on trading requirements and costs, market making and players as well as market efficiency. In the last chapter, the paper presents Pure Property, a current real estate hedging solution, marketed by NAREIT and FTSE. We research Pure Property and compare it to past products. The paper points on Pure Property's new concept and its implications on asset valuation, product functionality and trading liquidity. The paper studies the ETF structure of the product and its contribution to arbitrage activity. For the above-mentioned advantages, the paper predicts that Pure Property is likely to establish a liquid, real estate hedging market.en_US
dc.description.statementofresponsibilityby Oriel Eisenberg.en_US
dc.format.extent79 pagesen_US
dc.language.isoengen_US
dc.publisherMassachusetts Institute of Technologyen_US
dc.rightsM.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission.en_US
dc.rights.urihttp://dspace.mit.edu/handle/1721.1/7582en_US
dc.subjectCenter for Real Estate. Program in Real Estate Development.en_US
dc.titleReal estate derivatives : products and prospectsen_US
dc.typeThesisen_US
dc.description.degreeS.M.in Real Estate Developmenten_US
dc.contributor.departmentMassachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development.en_US
dc.contributor.departmentMassachusetts Institute of Technology. Center for Real Estate
dc.identifier.oclc867638850en_US


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