Abstracts for Vol.
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This study is based on research conducted for the World Bank, and discusses the conceptual evolution int his area during the last twenty to twenty-five years. It outlines a core set of features that are an integral part of an efficient and accountable asset management system, and also provides an in-dept analysis of asset management issues in countries in transition, where municipal governments often are the largest property owners. The similarity of results suggests that there may be fundamental reasons for the relativity long holding period for real estate that is global and related to differences in the relative liquidity and lease structures. Evidence is also found that holding periods have been declining over time and that the volume of transactions, and consequently holding periods, may be related to market conditions and structural changes in the management of real estate assets. The study finds evidence for the ability of the implied allocations to explain performance, but the tests for a statistically significant relationship are mixed.