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Risk management in the aftermath of Lehmann Brothers -- Results from a survey among German and international real estate investors

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  • Sascha Marcel Donner

Abstract

Based on literature research and the ‘ideal’ risk management process, the author presents the findings of a survey amongst German and international real estate investors. The integration of risk management into a corporate structure and the importance of various risk management methods for investors are examined. In this context, the application of Modern Portfolio Theory (MPT), property derivatives and the use of ratings are major topics. Investors also express their views on the need to adjust risk management in light of the current real estate crisis. Overall, the findings suggest that the perception that investors would already use a broad range of highly sophisticated risk management methods is barely reflected by the actual application of such tools in the real estate practice. The study results particularly reveal the importance of interfaces and the establishment of a more future oriented approach to risk management.

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  • Sascha Marcel Donner, 2010. "Risk management in the aftermath of Lehmann Brothers -- Results from a survey among German and international real estate investors," Journal of Property Research, Taylor & Francis Journals, vol. 27(1), pages 19-38, May.
    • Handle: RePEc:taf:jpropr:v:27:y:2010:i:1:p:19-38
    DOI: 10.1080/09599916.2010.499016
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    References listed on IDEAS

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    1. Cornelis A. Los, 2004. "When to Put All Your Eggs in One Basket.....When Diversification Increases Portfolio Risk!," Finance 0411037, University Library of Munich, Germany.
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    Cited by:

    1. Peter Ö. hman & Bo Söderberg & Stig Westerdahl, 2012. "Property investor behaviour: qualitative analysis of a very large transaction," ERES eres2012_376, European Real Estate Society (ERES).
    2. Obinna Collins Nnamani, 2018. "Application of Quantitative Risk Analysis in Property Development Projects in Nigeria: A Review," ERES eres2018_8, European Real Estate Society (ERES).

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