Although the application of capital market theory is questionable in real estate investment,many institutional investors still perform asset allocation with historic real estate data.Entrepreneurial investment analysis relies on a different information setting. To date it isunclear which...

In the market for German real estate finance at the end of 2001 a phenomenon could beidentified that shows significant parallels to the shortening of credit supply in the USmarket in the early nineties, called the credit crunch. There are two basic reasons thatexplain the withdrawal of mortgage...