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How Accurate Are Commercial Real Estate Appraisals? Evidence from 25 Years of NCREIF Sales Data
Susanne, Cannon; Rebel, Cole - Volkswirtschaftliche Fakultät, … - 2011
In this study, we provide new evidence on the performance measurement and reporting of commercial real estate returns. We do so by examining the accuracy of commercial-real-estate appraisals that occurred prior to the sale of properties from the NCREIF National Property Index (“NPI”) during...
Persistent link: https://www.econbiz.de/10011258429
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The role of commercial real estate investments in the banking crisis of 1985-92
Cole, Rebel A.; Fenn, George W. - Volkswirtschaftliche Fakultät, … - 1996
This article examines the role of commercial real estate investments in the banking crisis of 1985-92, an unprecedented period during which more than 1,300 banks failed. Bank failures are fundamentally important because of the unique role played by financial institutions in the provision of...
Persistent link: https://www.econbiz.de/10008615013
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Déjà vu all over again: The causes of U.S. commercial bank failures this time around
Cole, Rebel A.; White, Lawrence J. - Volkswirtschaftliche Fakultät, … - 2010
In this study, we analyze why U.S. commercial banks failed during the recent financial crisis. We find that proxies for commercial real estate investments, as well as traditional proxies for the CAMELS components, do an excellent job in explaining the failures of banks that were closed during...
Persistent link: https://www.econbiz.de/10008615045
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How accurate are commercial-real-estate appraisals? evidence from 25 years of NCREIF sales data
Cannon, Susanne; Col, Rebel A. - Volkswirtschaftliche Fakultät, … - 2011
In this study, we provide new evidence on the performance measurement and reporting of commercial real estate returns. We do so by examining the accuracy of commercial-real-estate appraisals that occurred prior to the sale of properties from the NCREIF National Property Index (“NPI”) during...
Persistent link: https://www.econbiz.de/10009226816
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The impact of commercial real estate on the financial sector, its tracking by central banks and some recommendations for the macro-financial stability policy of central banks
Olszewski, Krzysztof - Volkswirtschaftliche Fakultät, … - 2012
This article reviews the impact of commercial real estate (CRE hereafter) on macro-financial stability and gives some ideas, how central banks could deal with the risk. First, we present the main features of the CRE market, explain its cycle and outline risks related to this market. Its relation...
Persistent link: https://www.econbiz.de/10011108241
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The Benefits and Importance of Commercial Real Estate
Shaukat, Mughees - Volkswirtschaftliche Fakultät, … - 2010
The economic climate of late has battered investment classes across the board, including commercial real estate. Aside from the usual arguments about including real estate in a well-diversified portfolio, there are compelling reasons to invest in commercial real estate in the current...
Persistent link: https://www.econbiz.de/10008805036
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Green Noise or Green Value? Measuring the Price Effects of Environmental Certification in Commercial Buildings
Fuerst, Franz; McAllister, Patrick - Volkswirtschaftliche Fakultät, … - 2008
Evaluating the environmental performance of a building is rapidly gaining importance as a metric in real estate investments. Since interpretation of the technical measurements is difficult and requires high expertise, investors tend to rely on markers as provided by environmental certification...
Persistent link: https://www.econbiz.de/10005078657
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Stories of Error and Vice Matter: Path Dependence, Paul David, and Efficiency and Optimality in Economics
Yalcintas, Altug - Volkswirtschaftliche Fakultät, … - 2006
.” They prevent us from getting at “the fundamental truth.” The world is, therefore, not the best of all possible worlds. The … world, unlike the portrayals of neo-classical economics in general and Paul Samuelson in particular, is a world of … disappear easily and without causing further trouble, make the idea impossible – the idea that perfection in the world of humans …
Persistent link: https://www.econbiz.de/10005837162
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The City of Bandung: Unfolding the process of a Creative City
Aritenang, Adiwan - Volkswirtschaftliche Fakultät, … - 2012
Decentralisation in Indonesia has brought different impacts to regions following its development path dependence and institutional arrangements. This study aims to understand the role of both path dependence and institutional arrangements in the process of developing a creative city. This paper...
Persistent link: https://www.econbiz.de/10011260362
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Институциональные ловушки и экономические реформы
Polterovich, Victor - Volkswirtschaftliche Fakultät, … - 1999
The theory of institutional traps, i.e. ineffective but stable institutions or behavior norms, is develope din connection with economic reforms. Mechanisms are described that cause a system to get into a trap and ways of going out of it are analyzed. Concepts of transformation costs and...
Persistent link: https://www.econbiz.de/10008753049