Property Derivatives for Managing European Real‐Estate Risk
讨论了使用房地产衍生品管理欧洲房地产风险时遇到的问题，并提出一种更高效的结构化利率互换定制方法，对资产管理者有参考价值。
Abstract Although property markets represent a large proportion of total wealth in developed countries, the real‐estate derivatives markets are still lagging behind in volume of trading and liquidity. Over the last few years there has been increased activity in developing derivative instruments that can be utilised by asset managers. In this paper, we discuss the problems encountered when using property derivatives for managing European real‐estate risk. We also consider a special class of structured interest rate swaps that have embedded real‐estate risk and propose a more efficient way to tailor these swaps .