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Source: Dissertation Abstracts International, Volume: 38-05, Section: A, page: 3101. / Thesis (Ph.D.)--The Florida State University, 1977.

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Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2003. / Includes bibliographical references (leaves 100-103). / This thesis investigates a number of the issues currently pertaining to the introduction of a UK Real Estate Investment Trust (REIT) vehicle. It uses a combination of qualitative and quantitative studies to evaluate whether the UK government should investigate and pursue this form of property equity securitisation. The report is split into three parts. The first describes the history of the UK securitisation lobby and investigates the theory and characteristics of the US REIT vehicle. It describes similar vehicles used throughout North America, Europe, Asia and Australia with specific regard to their varying restrictions and regulations. The second section uses Modern Portfolio Theory to examine the benefits of a securitised property vehicle within a mixed asset portfolio. The exercise tests the theory that the UK Public Limited Company is at a disadvantage to the American REIT and the Australian Listed Property Trust. Finally, an American REIT and an American C-Corporation are compared in a valuation exercise to assess the magnitude of the US REIT's tax benefits. The final section draws from the previous analyses to present a qualitative discussion of the key arguments with regard to different participants in the UK property market. In conclusion, it considers the pros and cons of a UK REIT vehicle in light of current UK macro-economic issues. / by Nicholas A. Spencer. / S.M.

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, September 2006. / This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections. / Includes bibliographical references (leaves 58-59). / This thesis presents an inquiry into the historical performance of core institutional real estate investment property during the 1984-2003 period. The focus of the analysis is on identifying systematic determinants of long run investment performance. The analysis seeks to increase our understanding of equilibrium asset pricing within this asset class, as well to provide some useful perspective for core portfolio strategic or tactical planning. This thesis extends earlier research by Geltner (1999) and Li and Price (2005) that indicated that a classical single-factor CAPM accurately modeled the cross-section of long-run total returns across the major asset classes, including real estate. The present thesis narrows that earlier focus to concentrate on the cross-section of long-run total return performance within the core institutional real estate asset class. This thesis uses the property level data of the NCREIF Index to construct portfolios and historical return indexes based on property size (value), and based on CBSA "tier" (that is, "upper", "middle", and "tertiary" cities from an institutional investment perspective). By using unique portfolios created from the NCREIF property set that represent possible factors that systematically affect asset pricing, such as property location, property size and property type, and calculating their beta estimates from historical data, this thesis tests various CAPM models including the single factor Sharpe-Linter model, as well as a multi factor Fama-French-like model. The beta for the portfolios was defined with respect to the performance of the aggregate of all NCREIF properties. This thesis finds that an equilibrium asset pricing model consisting of the two Fama-French-like factors, property size and MSA tier, plus property type dummy variables, explains some 90% of the long-run historical cross-section of core property portfolio returns. Interestingly, the "market factor", the beta with respect to aggregate NCREIF, is found to be insignificant, and possibly a negative influence on expected return. Furthermore, the size factor works opposite to the way it does in the stock market, with larger properties commanding an expected return premium. Surprisingly, the city "tier" factor gives an expected return premium to upper tier cities. Tests for an "income factor" (similar to the Fama-French book-to-market factor) found this factor to be insignificant. The most significant factor was found to be the property type. Thus, the equilibrium asset price model that seems to work well within the institutional core real estate asset class seems to be very different from, almost opposite to, the analogous model within the stock market. / by Arvind Pai. / S.M.

Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2014. / Cataloged from PDF version of thesis. / Includes bibliographical references (pages 83-90). / This paper examines the relationship between governance and the foreign aid allocation of a World Bank agency, the International Development Association. In particular, the study investigates whether this major multilateral program's financial support for the development of the world's poorest countries consistently prioritizes good governance. A new dataset from the first decade of the twenty-first century, 2003-12, is used in three econometric estimation models to determine whether the quality of governance in recipient countries has had implications for aid allocation decisions. As in much of the literature in this area, the results are mixed. This finding itself raises important questions both about the relevance of a country's governance to aid allocation decisions and about the usefulness of good governance as a metric by which aid organizations are judged. / by Claire Teresa McCarville Markgraf. / M.C.P.