Asset Meltdown – Fact or Fiction?

Journal of Real Estate Portfolio Management, Vol. 17 (1), 27-38

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See all articles by Marcel Marekwica

Marcel Marekwica

University of Konstanz

Raimond Maurer

Goethe University Frankfurt - Finance Department

Steffen P. Sebastian

University of Regensburg - International Real Estate Business School (IREBS)

Date Written: 2011

Abstract

This paper analyzes the relation between demographic structure and real asset returns on treasury bills, bonds and stocks for the G7-countries (United States, Canada, Japan, Italy, France, the United Kingdom and Germany). A macroeconomic multifactor model is used to examine a variety of different demographic factors from 1951 to 2002. There was no robust relationship found between shocks in demographic variables and asset returns in the framework of these models, which suggests that Asset Meltdown is rather fiction than fact.

JEL Classification: G12 (Asset Pricing), G15 (International Financial Markets), J14 (Economics of the Elderly)

Suggested Citation

Marekwica, Marcel and Maurer, Raimond and Sebastian, Steffen P., Asset Meltdown – Fact or Fiction? (2011). Journal of Real Estate Portfolio Management, Vol. 17 (1), 27-38, Available at SSRN: https://ssrn.com/abstract=

Marcel Marekwica

University of Konstanz

Fach D-144
Universitätsstraße 10
Konstanz, D-78457
Germany

Raimond Maurer

Goethe University Frankfurt - Finance Department ( email )

Grüneburgplatz 1
House of Finance
Frankfurt, 60323
Germany

Steffen P. Sebastian (Contact Author)

University of Regensburg - International Real Estate Business School (IREBS) ( email )

Universitaetsstrasse 31
Regenburg, Bavaria 93040
Germany
+49(941)943-5081 (Phone)
+49(941)943-5082 (Fax)

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