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The investigation of the role of real estate in a mixed-asset portfolio within the South African Pension Fund IndustryRamushu, Herbert Tiaoleng 14 November 2006 (has links)
Student Number : 9005994G -
MSc research report -
School of Construction Economics and Management -
Faculty of Engineering and the Built Environment / The objectives of this research are to assess the returns, risks and correlation of
a mixed-asset portfolio, establish the role of real estate in a mixed-asset
portfolio and suggest an appropriate real estate allocation in the South African
pension fund industry. The issue of low real estate allocation has been a subject
of interest to practitioners and academics, both locally and internationally,
despite the diversification benefit that real estate provides in a mixed-asset
portfolio.
A statistical approach was considered most the appropriate tool for analyzing
returns. Solver optimizer in the excel spreadsheet package was used to
generate efficient frontiers and the associated values of portfolios. Real estate
provided a lower return of 1.25% and a lower standard deviation of 4.90%
compared to equities with a return of 1.39% and the highest standard deviation
of 6.23%, whilst bonds provided the best risk-return trade off, with a return of
1.42% and the lowest standard deviation of 2.64%. An equally -weighted
portfolio consisting of bonds and stocks and a portfolio consisting bonds, stocks
and real estate was simulated. The equally -weighted portfolio of bonds and
stocks provides a return of 1.41% and a standard deviation of 3.76%. The
minimum variance with bias to bonds provides a higher return of 1.42% at a
lower level of risk of 2.62%. The equally -weighted portfolio consisting of bonds,
stocks and real estate provides a return of 1.35%, with a lower risk of 3.49%.
The minimum variance with bias to bonds provides almost the same return of
1.40% at a lower level of risk of 2.54% compared to the bond and share
portfolio.
The Chi-Square statistical tool was used to test the diversification benefit of real
estate. It can be concluded that the standard deviation of the portfolio with
property is close enough to the standard deviation without property of 3.76%
and cannot statistically say that it is different given the 5% level of significance.
The Sharpe ratio was used to test the favourable risk adjusted returns offered
by real estate. It concluded that property provides favourable risk adjusted
returns and diversification benefits, as illustrated with the increasing portfolio return from 7.44% to 8.66% on Sharpe ratio basis and standard deviation of the
portfolio decreasing from 3.76% to 2.54%.
The literature review generally supported the view that real estate has a role in a
mixed-asset portfolio. Research topics such as securitized versus unsecuritized
real estate, real estate allocation and diversification, returns and risk, inflation
hedging, modern portfolio theory and the efficient -frontier were analysed and
related to the research report.
The empirical analysis supports the hypothesis that real estate provides
diversification benefits. The property cycle is positive and it is supported by
positive property fundamentals like (vacancies are at lowest levels,
capitalisation rates are strengthening, the property cycle is turning positive and
a stable interest rate environment). The positive property fundamentals will lead
to earnings growth.
An allocation of between 10% based on the lower end of the minimum variance
and 15% based on the lower end of the risk/return ratio is recommended for a
mixed-asset portfolio.
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Politik eller Säkerhet? : Hur Säkerhetsrådet ramar in klimatfråganSundin, Jakob January 2018 (has links)
Många frågor har gått från att inte handla om politik till att bli politiserade, men det finns ytterligare ett steg – när en fråga blir så brådskande och hotande att den anses vara för viktig för att lämnas åt politiker, så har den blivit säkerhetiserad. En av de mest debatterade frågorna på senare år har varit klimatförändringar, särskilt efter Agenda 2030 och Parisavtalet antogs. Står klimatförändringar nu inför att säkerhetiseras? Syftet med denna uppsats är att undersöka om klimatfrågan har blivit säkerhetiserad i FN:s Säkerhetsråd under mandatperioden 2017-2018. Olika inramningar från Säkerhetsrådets medlemmar identifieras och kategoriseras, för att sedan undersöka hur dessa inramningar resonerar med publiken. Detta tillåter oss att se vilka inramningar som har accepterats av rådet och vilka inramningar som ignoreras, för att analysera om vissa specifika inramningar har säkerhetiserats och andra inte. Uppsatsens främsta slutsats är att Säkerhetsrådet enhälligt har säkerhetiserat klimatförändringar som ett regionalt problem, men inte som ett globalt. Vissa medlemmar har utan framgång försökt ta säkerhetiseringen längre, men att säkerhetisera frågan på lägre nivå är även det nytt för Säkerhetsrådet. Vidare forskning kan exempelvis fokusera på vilka anledningar som förekommer för att motsätta sig säkerhetisering av klimatförändringar som ett globalt problem, jämföra säkerhetiseringen i Säkerhetsrådet med andra forum eller undersöka de praktiska effekterna av regional säkerhetisering. / Many issues have taken the journey from being non-political to being politicized, but there is one further step – when an issue becomes so urgent and threatening that it is considered too important to be left in the hands of our politicians, it has become securitized. One of the most debated issues of recent years has been climate change, especially after the adoption of the 2030 Agenda and the Paris Agreement. Does climate change now stand on the brink of securitization? The purpose of this thesis is to examine whether the issue of climate change has been securitized in the UN Security Council during the term of 2017-2018. Different ways in which members of the Council have framed the issue are identified and categorized, before looking at how these frames resonate with the audience. This allows us to see which frames are accepted by the Council and which frames are disregarded, in order to analyze if some specific frames have been securitized while others have not. The main finding of this thesis is that the Security Council unanimously has securitized climate change as a regional issue, but not as a global one. Some members have unsuccessfully tried to take the securitization further, but even a smaller-scaled securitization of climate change is new to the Council. Further research could, for example, focus on what the reasons are for opposing securitization of climate change as a global issue, compare the securitization in the Council with other forums, or study the practical effects of regional securitization.
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