How real estate became ‘just another asset class’: the financialization of the investment strategies of Dutch institutional investors
How real estate became ‘just another asset class’: the financialization of the investment strategies of Dutch institutional investors
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房地产如何成为“另一种资产类别”：荷兰机构投资者投资策略的金融化
DOI：
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发表时间：
2017
期刊：
影响因子：
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通讯作者：
M. Aalbers
中科院分区：
文献类型：
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作者：
Jannes van Loon;M. Aalbers
不断增长的资金的管理者不断寻找投资机会。金融化文献描述了这种移动的资本如何对商品、债务、公共服务和经济活动施加压力，使其转变为可投资、可交易的金融产品。关于真实的房地产，这些调查表明，高度依赖当地立法和发展的不透明、当地和非标准化的商品如何转变为流动的全球交易金融资产。本文通过分析20世纪80年代以来荷兰机构投资者的真实的房地产投资策略，展示了一个量化框架如何日益为机构投资者的真实的房地产投资策略提供基础。财产的直接所有权已经被交换成财产的股份，即虚拟资本，创造了一种推动力，即“客观化的数字”来衡量这些间接投资的绩效。随着有关真实的房地产的知识被外包，荷兰机构投资者现在越来越将真实的房地产视为“另一种资产类别”，从而增加了杠杆率和波动性。本文不仅展示了金融是如何通过采用量化投资的视角来“金融化”的，而且还提供了一个实证说明，说明投资性房地产是如何转化为金融资产的，这给国家机构带来了压力，要求它们动员城市规划来提供更多的此类资产。
ABSTRACT The managers of a growing wall of money are continuously searching for investment opportunities. The financialization literature describes how this mobile capital puts pressure on commodities, debt, public services and economic activities to transform into investable, tradable, financial products. Regarding real estate, these investigations show how opaque, local, non-standardized goods, highly depending on both local legislation and developments, have been transformed into liquid, globally traded financial assets. By analysing the real estate investment strategies of Dutch institutional investors since the 1980s, this paper shows how a quantitative framework increasingly provides the basis for institutional investors’ real estate investment strategies. Direct ownership of properties has been exchanged into shares of properties, that is, fictitious capital, creating an impetus for ‘objectified numbers’ to measure the performance of these indirect investments. As knowledge about real estate has been outsourced, Dutch institutional investors now perceive real estate increasingly as ‘just another asset class’, thereby increasing leverage and volatility. This paper not only shows how finance ‘financialized’ itself by adopting a quantitative investment perspective, but it also offers an empirical account on how investment properties are transformed into financial assets that put pressure on state agencies to mobilize urban planning to deliver more of such assets.