Please use this identifier to cite or link to this item: http://scholarbank.nus.edu.sg/handle/10635/15951
Title: An examination of the risk-return behavior for real estate mezzanine - The Singapore experience
Authors: HE YUNFAN
Keywords: mezzanine debt, risk return
Issue Date: 11-May-2009
Source: HE YUNFAN (2009-05-11). An examination of the risk-return behavior for real estate mezzanine - The Singapore experience. ScholarBank@NUS Repository.
Abstract: Mezzanine investment is an important source of financing in the commercial real estate market. It is generally subordinated to the bank's senior and junior debts, and it is senior only to the equity owner's position in the direct real estate asset. The different risk issues affecting mezzanine investment are discussed in this dissertation study, with a focus on two major sources of market uncertainty (risk factors) originating from the real estate market and the capital market. Nevertheless, there has been no formal valuation model, specifically for pricing of mezzanine investment, and the knowledge gap therefore exists on how to measure the risk-return behavior of mezzanine investment. This study tries to fill this gap by investigating the structure of mezzanine investment as well as the measurement and characteristics of its risk and returns via a forward-looking approach - the binomial asset tree model.
URI: http://scholarbank.nus.edu.sg/handle/10635/15951
Appears in Collections:Master's Theses (Open)

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