Investment Decisions on Illiquid Assets - A Search Theoretical Approach to Real Estate Liquidity

Foreword

Acknowledgments

Contents

Figures

Tables

Abbreviations

Symbols

Introduction

Chapter 1 The Concept of Liquidity

1.1. Definition of Liquidity

1.2. Sources of Liquidity

1.3. Review of Illiquid Assets

1.4. Economic Relevance of Liquidity

Chapter 2 Search in Illiquid Markets

2.1. The Theory of Search

2.2. Introduction to Search Models

2.3. The Real Estate Search Model

2.4. Search and the Functioning of Illiquid Markets

Chapter 3 Liquidity Measurement

3.1. Traditional Measures of Market Liquidity

3.2. Time- and Probability-Based Measures

3.3. Measures of Liquidity Risk

3.4. Alternative Measurement Approaches

3.5. Relations between the Measures

Chapter 4 Liquidity as a Decision Criterion

4.1. Investment Decisions in the Mean-Variance Framework

4.2. Strategic Liquidation

4.3. Optimal Liquidation and the otion of Liquidity

4.4. Portfolio Selection with Illiquid Assets

Chapter 5 Liquidity of German Condominium Markets

5.1. Determination of Model Parameters

5.2. Condominium Liquidity Analysis

Concluding remarks

Appendix A

Appendix B

References