01034nam a2200253 a 4500991003939899707536 9788891768100b1441210x-39ule_instDip.to di Storia, Società e Studi sull'Uomoita331.1280945 Il welfare del lavoro :il ruolo dei servizi per l'impiego /Ludovica Rossotti ... [et al.] ; prefazione di Enrico PuglieseMilano :Franco Angeli,2018157 p. ;23 cmSociologia ;785Agenzie per il lavoroItaliaPugliese, EnricoRossotti, Ludovicaauthorhttp://id.loc.gov/vocabulary/relators/aut752761.b1441210x28-04-2128-04-21991003939899707536LE023 331.128 WEL 1 112023000191743le023gE19.00-l- 00000.i1595609x28-04-21Welfare del lavoro1538255UNISALENTOle02328-04-21ma -itait 3005271nam 2200649Ia 450 991083036340332120230721004724.01-119-20859-91-282-68954-197866126895430-470-69455-6(CKB)1000000000707270(EBL)416488(OCoLC)476248412(SSID)ssj0000229302(PQKBManifestationID)12029256(PQKBTitleCode)TC0000229302(PQKBWorkID)10172214(PQKB)11393407(MiAaPQ)EBC416488(EXLCZ)99100000000070727020080404d2008 uy 0engur|n|---|||||txtccrProperty derivatives[electronic resource] pricing, hedging and applications /Juerg M. SyzChichester, England ;Hoboken, NJ John Wiley & Sonsc20081 online resource (245 p.)Wiley finance seriesDescription based upon print version of record.0-470-99802-4 Includes bibliographical references (p. [209]-213) and index.Property Derivatives; Contents; Preface; PART I INTRODUCTION TO PROPERTY DERIVATIVES; 1 A Finance View on the Real Estate Market; 1.1 Real Estate is Different from Other Asset Classes; 1.2 Limited Access to Real Estate Investments; 1.3 New Instruments needed; 2 Basic Derivative Instruments; 2.1 Forwards, Futures and Swaps; 2.2 Options; 3 Rationales for Property Derivatives; 3.1 Advantages and Disadvantages of Property Derivatives; 3.2 Finding a Suitable Real Estate Investment; 3.3 Usage of Property Derivatives; 4 Hurdles for Property Derivatives; 4.1 Creating a Benchmark4.2 Education and Acceptance4.3 Heterogeneity and Lack of Replicability; 4.4 Regulation and Taxation; 4.5 Building Liquidity; 5 Experience in Property Derivatives; 5.1 United Kingdom; 5.2 United States; 5.3 Other Countries and Future Expectations; 5.4 Feedback Effects; 6 Underlying Indices; 6.1 Characteristics of Underlying Indices; 6.2 Appraisal-Based Indices; 6.3 Transaction-Based Indices; PART II PRICING, HEDGING AND RISK MANAGEMENT; 7 Index Dynamics; 7.1 Economic Dependencies and Cycles; 7.2 Bubbles, Peaks and Downturns; 7.3 Degree of Randomness; 7.4 Dynamics of Appraisal-based Indices7.5 Dynamics of Transaction-based Indices7.6 Empirical Index Analysis; 7.7 Distribution of Index Returns; 8 The Property Spread; 8.1 Property Spread Observations; 8.2 The Role of Market Expectations; 8.3 Estimating the Property Spread; 9 Pricing Property Derivatives in Established Markets; 9.1 Forward Property Prices; 9.2 Pricing Options on Property Indices; 10 Measuring and Managing Risk; 10.1 Market Development and Liquidity; 10.2 Early and Mature Stages; 10.3 Property Value-at-Risk; 11 Decomposing a Property Index; 11.1 General Explanatory Factors; 11.2 Tradable Explanatory Factors11.3 Example: The Halifax HPI12 Pricing and Hedging in Incomplete Markets; 12.1 Hedging Analysis; 12.2 Pricing without a Perfect Hedge; 12.3 Example: Hedging a Trading Portfolio; 12.4 Risk Transfer; PART III APPLICATIONS; 13 Range of Applications; 13.1 Professional Investers and Businesses; 13.2 The Private Housing Market; 14 Investing in Real Estate; 14.1 Properties of Property; 14.2 Property Derivatives and Indirect Investment Vehicles; 14.3 Investing in Real Estate with Property Derivatives; 15 Hedging Real Estate Exposure; 15.1 Short Hedge; 15.2 Long Hedge15.3 Hedge Efficiency and Basis Risk16 Management of Real Estate Portfolios; 16.1 Tactical Asset Allocation; 16.2 Generating Alpha; 16.3 Sector and Country Swaps; 17 Corporate Applications; 17.1 Selling Buildings Synthetically; 17.2 Acquisition Finance; 18 Indexed Building Savings; 18.1 Linking the Savings Plan to a House Price Index; 18.2 Engineering a Suitable Saving Plan; 19 Home Equity Insurance; 19.1 Index-Linked Mortgages; 19.2 Collateral Thinking; 19.3 Is an Index-Hedge Appropriate?; Appendix; Bibliography; IndexProperty derivatives have the potential to revolutionize real estate - the last major asset class without a liquid derivatives market. The new instruments offer ease and flexibility in the management of property risk and return. Property funds, insurance companies, pension and life funds, speculators, hedge funds or any asset manager with a view on the real estate market can apply the new derivatives to hedge property risk, to invest synthetically in real estate, or for portfolio optimization. Moreover, developers, builders, home suppliers, occupiers, banks, mortgage lenders and governmentalWiley finance series.Hedging (Finance)Real estate investmentReal propertyPricesHedging (Finance)Real estate investment.Real propertyPrices.332.63/24332.6324Syz Juerg M319971MiAaPQMiAaPQMiAaPQBOOK9910830363403321Property derivatives784121UNINA