Essays in Real Estate Finance

The rst essay examines the relationship between publicly and privately traded commercial real estate and macroeconomic risk. To represent publicly traded real estate, I use exchange listed US Real Estate Investment Trusts (REITs), and to proxy for direct and privately traded real estate, I use a transaction based index (TBI) based on the data in the NCREIF database. Because the fundamental asset of the two investment types are the same, it seems reasonable to assume that they should be related in the long run. In the short run there are, however, several investment-vehicle speci c reasons why this need not be the case. For example, REITs are publicly listed on stock exchanges, and are thus expected to share a lot of commonalities with other publicly traded stocks. This is in fact also found by Goetzmann and Ibbotson [1990], Ross and Zisler [1991], and Myer and Webb [1994]. The fact that REITs are traded on exchanges makes them more liquid than direct real estate investments, and investors might therefore accept a lower risk premium for holding REITs, than for holding direct real estate. However, the lower contemporaneous correlation between direct real estate and the general stock market gives direct real estate a diversi cation bene t that may make investors accept a lower risk premium for investing in direct real estate

Identifying future study designs for mental health and social wellbeing associated with diets of a cohort living in eco-regions:findings from the INSUM Expert Workshop

Diets influence our mental health and social wellbeing (MHSW) in multiple ways. A rising community concept, Eco-Regions, has gained interest. The research project “Indicators for assessment of health effects of consumption of sustainable, organic school meals in Ecoregions” (INSUM) aims to develop future-oriented research approaches to measure the potential health effects of more sustainable and healthy diets. This first part of the project focuses on MHSW with the goal to identify suitable study designs and indicators. The methodology is based on a 2-day workshop with an interdisciplinary group of experts. This paper describes commonly applied research methods on the nexus between diet and MHSW as presented by the experts and summarises key points from the discussions. The results show that the dominating tool to investigate MSHW is questionnaires. Questionnaires vary largely depending on the research design, such as participants or distribution channels. Cohort studies addressing families and including in-depth interventional and/or experimental studies may be suitable for an Eco-Region investigation. Those MHSW studies can be conducted and combined with measurements of somatic health effects. We conclude that indicators should be seen as complementary rather than independent. Explorative research designs are required to investigate complex Eco-Regions

Food waste behaviors of the families of the Cilento Bio-District in comparison with the national data: elements for policy actions

IntroductionConsumer food waste at the household level results from a complex set of behaviors depending on the local food environment, among other factors. This study mainly aimed at comparing food waste behaviors in the Cilento Bio-District with those recorded at the national level to explore if the organic district model had an impact on food waste attitude as a sustainability element.MethodsHousehold food waste behavior indicators performed better at the national level than in the Cilento Bio-District, with some relevant exceptions, such as the avoidance of having too much food at home and impulse buying.ResultsThe study results suggest that some food waste attitudes in the rural community of the Bio-District might be so embedded in everyday practices that they are no longer perceived as relevant descriptors, considering the lower food waste (FW) levels in Cilento compared to national data. The key findings of the study were interpreted for policy action development.DiscussionThe overall priority of actions would be the enhancement of consumers’ abilities to impact practices for food waste prevention. Community engagement aspects and the local products’ promotion should be particularly pursued in the Cilento Bio-District, while broader policy actions were proposed at the national level with the involvement of the different sectors of the food chain and the proposition of regulatory aspects (e.g., labels). Future research on Cilento Bio-District characteristics and the comparison with national data would need a more comprehensive examination of additional factors affecting the food system, such as dietary patterns or organic product consumption, to understand their potential influence on food waste and, in general, the sustainability of food choices