Die deutsche Immobilienwirtschaft ist und bleibt ein wesentlicher Stabilitätsanker der deutschen Wirtschaft. Die Branche wächst seit 2008 um durchschnittlich zwei Prozent pro Jahr und hat damit entscheidend zur schnellen Erholung nach dem Konjunktureinbruch beigetragen. Die hohe Stabilität...

Different industries exhibit significantly different leverage. An extreme example are REITs. Their leverage ratio is twice as high as that of non-real estate firms in the U.S. We theoretically and empirically analyse why we observe a leverage ratio difference of 25.5 percentage points between...

Using an event-study framework, we examine the stock market reaction to the announcement of firm withdrawal from countries designated as “State Sponsors of Terrorism” by the U.S. Department of State. We find that such announcements are, on average, linked to a statistically significant...

We present and expand existing theories about why individuals may assess positive outcomes differently from negative outcomes in intertemporal choices. All of our theories – based on utility or cost considerations – predict a conventional magnitude effect for positive outcomes, i.e., a...

This paper is organized as follows. In Section 1, we describe the economic relevance of the real estate sector and its recent dynamics. Then, we identify the most mentioned keywords of working papers presented at the real estate conferences between 2015 and 2019 and showing network figures for...

This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...