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...

Financial flexibility describes the ability of a firm to access and restructure its financing by avoiding financial distress in the face of negative shocks, and by funding investment when profitable opportunities arise. General finance literature as well as real estate specific studies are not...

Since the evolutionary work of Modigliani and Miller (1958) financial researchers make desperate efforts about dynamics of capital structure - not mentioning a well-defined inference of leverage on returns. In the past decade this is also a concern for real estate research because most financial...

As the building and real estate sector is responsible for about 40% of the economyís end energy consumption, its potential to contribute to a sustainable development is accordingly high. In terms of mitigation of climate change, the response of the property sector is expressed by the diffusion...

Studies about the housing market based on fundamentals like income, construction costs, interest rate generally lacked in explanation power during the latest massive price move-ments especially in the US. The main reason for this might be that expectations of individu-als for further price...

The affordability of homeownership is frequently discussed among policy and economic decision makers. An owner-occupied house is mostly the largest asset a household invests in and often requires the household to take out a mortgage. High or volatile interest rates can limit the householdsí...

Despite the fact that commercial real estate makes up a large proportion of wealth, a functioning derivatives market exists since 2005 only, when swap contracts began to be traded in the UK in a notable amount. The liquidity of the markets is still far behind that of other established...

Real estate investments have attracted attention as an asset class with high stability of their values, opportunity to hedge against inflation, specific risk-return characteristics, and low co-movements with traditional stock and bond markets. The integration of property investment vehicles to a...