Discussion Paper Details

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Title: Real and Private Value Assets

Author(s): William Goetzmann, Christophe Spaenjers and Stijn van Nieuwerburgh

Publication Date: April 2021

Keyword(s): Art, infrastructure, private business wealth and real estate

Programme Area(s): Financial Economics

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.

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Bibliographic Reference

Goetzmann, W, Spaenjers, C and van Nieuwerburgh, S. 2021. 'Real and Private Value Assets'. London, Centre for Economic Policy Research.