Radu S. Tunaru: Real-Estate Derivatives: From Econometrics to Financial Engineering

Radu S. Tunaru: Real-Estate Derivatives: From Econometrics to Financial Engineering Financ Mark Portf Manag (2018) 32:111–113 https://doi.org/10.1007/s11408-018-0305-8 BOOK REVIEW Radu S. Tunaru: Real-Estate Derivatives: From Econometrics to Financial Engineering Oxford University Press, 2017, 253 pages Daniel Ruf Published online: 24 January 2018 © Swiss Society for Financial Market Research 2018 Despite attempts of academics, most prominently Nobel prize winner Robert J. Shilller, among them, to promote financial derivatives for real estate, this underdeveloped field of finance is still in its beginning. This is particularly surprising for two reasons: First, commercial real estate as well as residential housing has recently become an attractive investment class. Second, and even more important, the financial crisis of 2007–2008 revealed how house price developments, which are transmitted to market participants through residential mortgage-backed securities, can be a potential source of global financial instability. Hence, the need for financial derivatives to protect real estate investors and participants in the related mortgage market against falling property prices should be greater than ever. Radu S. Tunaru’s book Real-Estate Derivatives: From Econometrics to Financial Engineering steps in to build a bridge between real estate as an asset class and related financial derivative instruments. This book provides a novel perspective of derivatives and gives a basic understanding of real http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Financial Markets and Portfolio Management Springer Journals

Radu S. Tunaru: Real-Estate Derivatives: From Econometrics to Financial Engineering

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Publisher
Springer Journals
Copyright
Copyright © 2018 by Swiss Society for Financial Market Research
Subject
Business and Management; Business and Management, general; Finance, general; Management
ISSN
1934-4554
eISSN
2373-8529
D.O.I.
10.1007/s11408-018-0305-8
Publisher site
See Article on Publisher Site

Abstract

Financ Mark Portf Manag (2018) 32:111–113 https://doi.org/10.1007/s11408-018-0305-8 BOOK REVIEW Radu S. Tunaru: Real-Estate Derivatives: From Econometrics to Financial Engineering Oxford University Press, 2017, 253 pages Daniel Ruf Published online: 24 January 2018 © Swiss Society for Financial Market Research 2018 Despite attempts of academics, most prominently Nobel prize winner Robert J. Shilller, among them, to promote financial derivatives for real estate, this underdeveloped field of finance is still in its beginning. This is particularly surprising for two reasons: First, commercial real estate as well as residential housing has recently become an attractive investment class. Second, and even more important, the financial crisis of 2007–2008 revealed how house price developments, which are transmitted to market participants through residential mortgage-backed securities, can be a potential source of global financial instability. Hence, the need for financial derivatives to protect real estate investors and participants in the related mortgage market against falling property prices should be greater than ever. Radu S. Tunaru’s book Real-Estate Derivatives: From Econometrics to Financial Engineering steps in to build a bridge between real estate as an asset class and related financial derivative instruments. This book provides a novel perspective of derivatives and gives a basic understanding of real

Journal

Financial Markets and Portfolio ManagementSpringer Journals

Published: Jan 24, 2018

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