Real and Private-Value Assets

37 Pages Posted: 12 Mar 2021 Last revised: 9 Apr 2021

See all articles by William N. Goetzmann

William N. Goetzmann

Yale School of Management - International Center for Finance; National Bureau of Economic Research (NBER)

Christophe Spaenjers

HEC Paris - Finance Department

Stijn Van Nieuwerburgh

Columbia University Graduate School of Business; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR); ABFER

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Date Written: March 23, 2021

Abstract

Real and private-value assets—defined here as the sum of real estate, infrastructure, collectibles, and noncorporate business equity—compose an investment class worth an estimated $84 trillion in the U.S. alone. Furthermore, private values can affect pricing in many other financial markets, such as that for sustainable investments. This paper introduces the research on real assets and private values that can be found in this special issue. It also reviews recent advances and highlights new research directions on a number of topics in the real assets space that we believe to be particularly important and exciting.

Keywords: real estate, infrastructure, collectibles, entrepreneurship, sustainable investing

JEL Classification: G11, G12, G41, R31, R33, Z11

Suggested Citation

Goetzmann, William N. and Spaenjers, Christophe and Van Nieuwerburgh, Stijn, Real and Private-Value Assets (March 23, 2021). HEC Paris Research Paper No. FIN-2021-1421, Available at SSRN: https://ssrn.com/abstract=3803091 or http://dx.doi.org/10.2139/ssrn.3803091

William N. Goetzmann

Yale School of Management - International Center for Finance ( email )

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HOME PAGE: http://viking.som.yale.edu

National Bureau of Economic Research (NBER)

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Christophe Spaenjers (Contact Author)

HEC Paris - Finance Department ( email )

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Stijn Van Nieuwerburgh

Columbia University Graduate School of Business ( email )

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United States

HOME PAGE: http://https://www0.gsb.columbia.edu/faculty/svannieuwerburgh/

National Bureau of Economic Research (NBER)

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United States

Centre for Economic Policy Research (CEPR)

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ABFER ( email )

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Singapore

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