European Business Schools Librarian's Group
HEC Research Papers Series,
HEC Paris
No 1421: Real and Private-Value Assets
William N. Goetzmann, Christophe Spaenjers and Stijn Van Nieuwerburgh
Additional contact information
William N. Goetzmann: Yale School of Management - International Center for Finance; National Bureau of Economic Research (NBER)
Christophe Spaenjers: HEC Paris
Stijn Van Nieuwerburgh: Columbia University Graduate School of Business
Abstract: Real and private-value assets—defined here as the sum of real estate, infrastructure, collectibles, and noncorporate business equity—compose an investment class worth an estimated $84 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 highlights new research directions on a number of topics in the real assets space that we believe to be particularly important and exciting.
Keywords: real estate; infrastructure; collectibles; entrepreneurship; sustainable investing
JEL-codes: G11; G12; G41; R31; R33; Z11
37 pages, March 12, 2021
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