Real and Private-Value Assets

William Goetzmann, Christophe Spaenjers and Stijn Van Nieuwerburgh

No 28580, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Real and private-value assets—defined here as the sum of real estate, infrastructure, collectibles, and non-corporate business equity—is an investment class worth an estimated $85 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 suggests new research directions—on a number of topics in the real assets space that we believe to be particularly important and exciting.

JEL-codes: E01 G0 R0 Z11 (search for similar items in EconPapers)
Date: 2021-03
New Economics Papers: this item is included in nep-ure
Note: AP CF EFG PE
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Citations: View citations in EconPapers (8)

Published as William N Goetzmann & Christophe Spaenjers & Stijn Van Nieuwerburgh, 2021. "Real and Private-Value Assets," The Review of Financial Studies, vol 34(8), pages 3497-3526.

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Related works:
Journal Article: Real and Private-Value Assets (2021)
Working Paper: Real and Private Value Assets (2021)
Working Paper: Real and Private-Value Assets (2021)
Working Paper: Real and Private-Value Assets (2021)
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