Real and Private-Value Assets

• 成果类型: Article
• 署名作者: Goetzmann, William N.; Spaenjers, Christophe; Van Nieuwerburgh, Stijn
• 署名单位: Yale University; Hautes Etudes Commerciales (HEC) Paris; Columbia University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhab035
• 发表日期: 2021
• 页码: 3497
• 关键词: house prices; Conspicuous consumption; information asymmetries; ART; estate; MARKET; RISK; WEALTH; INVESTMENT; returns

摘要

Real and private-value assets-defined here as the sum of real estate, infrastructure, collectibles, and noncorporate business equity-compose an investment class worth an estimated 84 trillion in the U.S. alone. Furthermore, private values can affect pricing in many other financial markets, such as that for sustainable investments. This paper introduces the research on real assets and private values that can be found in this special issue. It also reviews recent advances and highlights new research directions on a number of topics in the real assets space that we believe to be particularly important and exciting.