(Abstract) 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 is unclear...

(Abstract) In the market for German real estate finance at the end of 2001 a phenomenon could be identified that shows significant parallels to the shortening of credit supply in the US market in the early nineties, called the credit crunch. There are two basic reasons that explain the...