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...

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...

The comparison of cities by indicators covering several topics of urban life is crucial for policy decisions such as funding allocation for urban development. Simply adding up a high number of indicators to one single index evokes reasonable criticism due to opacity and very limited...

Urban areas are nowadays seen as the engines of economic growth and thus politicians rivet on problems connected to urban development. Most importantly, the question of how projects, which enhance urban life should be funded raised concern. The European Commission reacted to this topic by the...

We present a citation-based analysis of the most important journals on real estate and real estate finance over a time period from 1986 to 2010. For each year, those three articles with the highest number of citations according to Google Scholar are identified. A thorough analysis of all 75...

With the introduction of the JESSICA (Joint European Support for Sustainable Investments in City Areas) Initiative, the European Commission aimed at strongly enhancing investments in urban areas to meet the steadily increasing requirements, arising from urbanisation, for European cities. One...