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Traditional Real Estate Portfolio Diversification and Risk Measures: Evidence from the Czech Republic and Slovakia
Müller, Erik ; Streblov, Pavel (advisor) ; Hlaváček, Michal (referee)
This thesis evaluates traditional real estate diversification strategy by region and by property type. Additionally, it provides common risk measures - reduction of total risk and tracking error. The main contribution is twofold. First, it extends the coverage of common real estate research to the area of the Czech Republic and Slovakia. To our knowledge, this is the first study of this kind on the local market. Second, this thesis accounts for non-divisibility of ownership. This is a specific attribute of real estate, which may deteriorate investors' efforts for optimal allocation. Researchers' methods depart from Capital Asset Pricing Model. Evaluation techniques include efficient and pseudo-efficient frontiers, quantiles of total risk and tracking error, both as a function of portfolio size and portfolio value. Main findings include: (i) there is no strictly superior strategy, but there is a difference for specific subcategories, (ii) impartible ownership decreases risk-adjusted performance, this might be partially overcome by leverage, (iii) diversification is costly and index tracking is hardly possible. JEL Classification C22, C61, G12, R33 Keywords real estate diversification, direct investments, risk, ownership non-divisibility Title Traditional Real Estate Portfolio Diversification and...
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Social housing problems
Müller, Erik ; Hlaváček, Michal (advisor) ; Filip, Ondřej (referee)
The motivation of this paper is to explore the assumptions of an effective social policy which is efficient, economical and persistent. The theoretical part is based on comparison of the different realizations of social housing in Europe and in the Czech Republic. New trends from abroad show that the efficiency of resocialization depends on the quality of the social works, which are performed simultaneously with the provision of housing. Nowadays, the role of social housing in a society changes. The instrument of social policy becomes a complex tool that may determine, among other things, high building standards as well as increase general social cohesion. The identified aspects of effectiveness are compared with the new proposal of the Social Housing Act. The innovation is the concept of Housing First, which emphasizes fast provision of dwelling and subsequent individual work with the client. The practical part verifies several hypotheses that led to the formulation of the Act, using econometric models. My goal is to contribute into public discussion by proposing specific innovative approaches. They may lead to the successful reintegration of socially excluded into society. What should be the main goal of social housing.
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