The introduction of REITs is expected to have a large impact on the market for indirect real estate investment in Germany. Whereas non-listed investment vehicles traditionally have been very successful in attracting capital from German private and institutional investors, the listed sector has...

In autumn 2004 FERI Institutional Management GmbH in collaboration with the Department of Real Estate at the European Business School, Germany designed and carried out the first broad interview based research study on the German institutional real estate market. Representatives of 50 German...

The Weighted Average Cost of Capital (ACC) has been established as an important figure to determine the hurdle rate for investments and the discount rate for company valuation. Therefore. the identification of their specific WACC is crucial for every listed property company. Based on theoretical...

Ribeiro and Webber (2006) propose a method to correct for simulation bias in the Monte Carlo valuation of options with pay-offs depending on the extreme value(s) of the underlying which is driven by a special Levy process, namely a normal inverse Gaussian (NIG) or a variance gamma (VG) process....

After the introduction of REITs in France and together with the beginning of the discussion in the U.K. on the topic, the German Ministry of Finance asked in May 2004 the Centre for European Economic Research (ZEW) together with the ebs Real Estate Centre of the European Business School to...

We introduce a model for stock prices consisting of a fundamental price process and a news impact curve, which allows for either overreaction, underreaction, or correct response to changes of the fundamental value. We further develop statistics based on OHLC data, which separately measure upside...

In der deutschen Landwirtschaft ist die Bedeutung der Pacht von landwirtschaftlichen Nutzflächen zunehmend gestiegen, so dass immer mehr Betriebe von den Entwicklungen auf dem Landpachtmarkt beeinflusst werden. Besonders in Zeiten stark schwankender Erzeugerpreise und Erträge stellen die...