The Role of Multi-Family Properties in Hedging Pension Liability Risk : Long-Run Evidence

The authors thank Daniel Waldenström, Dmitry Kuvshinov, and MSCI for providing data. The comments of Jan Bohlin, Stephen Lee, Zongyuan Li, Bryan MacGregor, Rainer Schulz as well as of two anonymous reviewers are gratefully acknowledged. The participants at the 28th annual European Real Estate Society (ERES) conference, the 14th ReCapNet conference, the 39th annual American Real Estate Society (ARES), the University of Aberdeen real estate research seminar and the Skye real estate conference also provided many valuable comments. Any errors are the authors'.Peer reviewedPostprin