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SUMMARY:Can Metropolitan Housing Risk Be Diversified? A Cautionary Tale fr
 om the Recent Boom and Bust - John Cotter is Professor in Finance and the 
 Chair in Quantitative Finance at University College Dublin. 
DTSTART:20150611T120000Z
DTEND:20150611T130000Z
UID:TALK56483@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:This study evaluates the effectiveness of geographic diversifi
 cation in reducing housing investment risk.  To characterize diversificati
 on potential\, we estimate spatial correlation and integration among 401 U
 S metropolitan housing markets.  The 2000s boom brought a marked uptrend i
 n housing market integration associated with eased residential lending sta
 ndards and rapid growth in private mortgage securitization.  As boom turne
 d to bust\, macro factors\, including employment and income fundamentals\,
  contributed importantly to the trending up in housing return integration.
   Portfolio simulations reveal substantially lower diversification potenti
 al and higher risk in the wake of increased market integration.      \n\n\
 n"Paper is available here":http://papers.ssrn.com/sol3/papers.cfm?abstract
 _id=2507899 
LOCATION:Room W4.03 Judge Business School
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