While the discussion of abnormal profit generation in inefficient markets can apply to any number
of asset classes that trade in private markets, most of these markets suffer from a lack of data
availability. The real estate market is an exception in this respect, and therefore provides an excellent
laboratory for constructing a systematic view of whether and how informed institutional-level
investors can generate abnormal profits through active trading in a somewhat inefficient market.
Indeed, existing studies of the real estate market suggest that property markets display evidence
of predictability (see e.g. Liu and Mei (1992, 1994), Barkham and Geltner (1995), Case and Shiller
(1990), Case and...
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EDHEC European Real Estate Investment and Risk Management Survey
EDHEC European Real Estate Investment and Risk Management Survey
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