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
Financial Markets and Portfolio Management – Springer Journals
Published: Jan 24, 2018
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