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SUMMARY:Leverage\, Timing and Real Estate Performance - Professor Tony Key
 \, Cass Business School
DTSTART:20121107T160000Z
DTEND:20121107T170000Z
UID:TALK41397@talks.cam.ac.uk
CONTACT:Joanna Laver
DESCRIPTION:With equilibrium pricing of property and debt\, leverage will 
 theoretically boost expected return and risk. But the standard method of p
 resenting the theory (in\, for example\, appraisals) typically fails to di
 scuss how leverage can be managed through cycles of changing property valu
 es\, and potential mis-pricing of property and debt. The presentation will
  use simulation methods and evidence on realised returns to investors with
  varying leverage to argue that\, in the out-turn asymmetric timing effect
 s and mis-pricing mean the leveraging property does not pay off in risk-ad
 justed return or even in absolute return.
LOCATION:Mill Lane Lecture Room 1
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