This study applies a complex systems approach to test for the presence of rational bubbles in the Equity REITs market. The applied model is based on theoretical implications of the evolution of prices under rational bubble regimes. The advantage of the approach is twofold. The model is able to...

Der vorliegende Band der vierbändigen Reihe „Immobilienwirtschaftslehre – Management, Ökonomie, Recht und Technik“ fokussiert im ersten Band auf das Immobilienmanagement. Er gliedert sich in die Teile (I) immobilienwirtschaftliche Grundlagen, (II) Führung als klassischer...

The purpose of this paper is to establish whether the estimation accuracy of the sample-based valuation of a fairly homogenous real estate portfolio with stratification based on principal component and cluster analysis is robust over multiple valuation dates. We use a model portfolio of 2400...

The lack of portfolio‐based property indices in European property markets has led researchers to consider the use of notional property indices to determine the risk and return rewards of investing in these markets. Owing to the computation assumptions underlying notional indices, in particular...

This paper – the second half of a two‐part paper – constructs a notional property index for the German office market. The returns from this index are subject to numerous adjustments in order to produce a cash flow which reflects annual indexation changes in rent and possible reviews to...

Purpose – The purpose of this paper is to examine the sources of direct real estate portfolio returns and their relative performance against Investment Property Databank (IPD) benchmark returns. Active property management consists of the concepts of property transaction execution and...

Purpose – This paper investigates the link between equity and credit markets for the government‐sponsored mortgage institutions, Fannie Mae and Freddie Mac, during the period from January 2007 until December 2008. Before the financial crisis, investors perceived these real estate finance...

Purpose: Previous research on automation and job disruption is only marginally related to the real estate industry and its characteristics. This study investigates the effects of digitization on jobs in German real estate sector, in order to assess the proportion of jobs threatened to be...