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This study re-examines the potential role that direct real estate can play in institutional mixed-asset portfolios. The paper examines the statistical improvement in performance that can result from the inclusion of real estate in an international mixed asset portfolio, using both in-sample and out-of-sample data. Using US real estate data the results provide evidence that in most cases real estate does not lead to a significant improvement in portfolio performance in sample. However, out-of-sample tests indicate that the asset does provide a valuable diversification asset, with significant im

'Während die westeuropäische 'Neue Rechte' bei ihrem Versuch, die kulturelle Hegemonie im EU-Raum zu erlangen, bisher nur mäßige Erfolge erzielt hat, ist es während des vergangenen Jahrzehnts einer ähnlichen russischen Bewegung unter ihrem intellektuellen Führer Aleksandr Dugin gelungen, mittels 'politischer Mimikry' tief in den Diskurs des politischen und akademischen Mainstreams der Russländischen Föderation einzudringen. Dabei dient der Begriff 'Eurasismus' als Deckmantel für ein abstruses antiliberales, insbesondere antiamerikanisches Theoriengebäude, welches Grundzüge einer faschistischen Ideologie trägt. Seit dem Ende des vergangenen Jahrhunderts hat es Dugin vermocht, führende Vertreter der russischen Zivilgesellschaft, Massenmedien, Sozialwissenschaften, Politik und Ministerialbürokratie für seine Ideen zu interessieren und an seine Organisation zu binden.' (Autorenreferat)

The question of adjudication in international financial law has rarely been analysedcomprehensively in the legal literature. This can probably be explained with the factthat, unlike in other areas of international economic law, there is no internationalfinancial court specifically designed to adjudicate international disputes between financial regulators, or between governments and financial institutions or investors.Moreover, the informality of regulatory cooperation through Transnational RegulatoryNetworks (TRNs), the use of soft laws to regulate international financial relations, andthe presence of prudential carve-outs in international treaties was supposed to keepfinancial supervisory and regulatory authorities free from international scrutiny and tolimit the judicial review of regulatory measures to a purely domestic exercise. Yet, financial measures are increasingly challenged in international investment tribunals, human rights courts, and regional courts. From 1995 to 2016, there have been more than 100 known international disputes on financial services, of which roughly two thirds involved a supervisory measure such as the resolution or bankruptcy of an insolvent bank or the imposition of supervisory fines. The remaining claims mostly included violation of sovereign debt contracts, or emergency legislation affecting financial services. Investment arbitrations, in particular, are considerably on the rise. The increased number of regulatory disputes represents fundamental implications for the financial regulatory community in terms of domestic governance, regulatory cooperation, and global financial stability.This essay empirically investigates and maps for the first time the patterns of international adjudication in financial law, and comments on what the rise of international litigation means for the global financial architecture.