Liquidity is the ability of a bank to collect money necessary for financing assets and meet obligations as they come due, without incurring unsustainable losses; the maturity transformation of short-term deposits into long-term loans makes banks inherently vulnerable to liquidity risk (Basel...

Attention is a scarce cognitive resource (Kahneman, 1973) and investorsí limited attention can affect asset pricing statics as well as dynamics (Peng and Xiong, 2006). Literature on the measurement of the investor attention proposes indirect measures based on market data or news. Market proxies...

The increasing role of retail investors in the real estate vehicle market makes necessary to study simple return/risk measures that could be easily understood also by not financial skilled investors. Measures frequently used in the asset management industry are the Risk Adjusted Performance...

Real estate industry is a fast growing reality in all European Countries and during the last years also Italian market shows a significant increase in the number of real estate funds available not only for institutional investors. The increasing role of retail investors in the industry makes...

The performance of real estate funds is mainly influenced by the inflows and outflows during the life of the fund and by the value changes of the real estate properties (Cervone, 2006). Following international standards (CFA Institute, 2009; IPD, 2008), the overall performance of the real estate...

Studies about hotel real estate market consider, prevalently, investment characteristics, managerial problems and macro-economics trends. Articles about real estate investment vehicles are scarce and generally concerning Anglo-Saxon countries. Authors stress the differences in the performance...

Real estate market trend could affect the value of both the direct exposures in property loans and the real estate collaterals of loans, therefore banks' performance and/or risk could change significantly in the case of real estate market collapse or expansion (i.a. Wheaton, 1999). Indeed,...

In the last decade, the development of investment funds specialized in the real estate investment, points out some interesting differences in the strategy adopted by fund manager in order to achieve an optimal portfolio allocation. An increasing number of real estate portfolio managers, manage...

PurposeThe aim is to identify the main macro-economic drivers of construction in an Eastern European country that is experiencing significant changes in the real estate sector.Design/methodology/approachUsing a proprietary database provided by Bank of Albania, the paper evaluate the relationship...

Landmark buildings are outstanding constructions recognizable on the basis of their unique design, high visibility and/or extraordinary relevance for the country (Appleyard, 1969). Empirical analyses demonstrate that residential buildings designated as landmarks sell for a substantial premium...