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...

First, we show the equivalence of loans and grants as a means of subsidizing urban development projects in a perfect capital market setting. However, with capital markets being imperfect, redeemable loans may serve as a credible commitment device in order to overcome problems of asymmetric...

Das Währungsmanagement als Teilgebiet des internationalen Finanzmanagements beschäftigt sich mit der Frage, wie die währungsbezogene Zusammensetzung von Zahlungsströmen in Unternehmen beeinflusst werden kann. Zielsetzung ist die Optimierung von Fremdwährungspositionen unter Ertrags- und...

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...

In summer 2007, the Securities and Exchange Commission (SEC) published an online tool with information on firms doing business in State Sponsor of Terrorism countries. We take sides with those arguing that for moral reasons, investors will have traded on the information provided in the tool by...

This article presents an economic efficiency analysis of solar chimney power plants by calculating their net present value in comparison to that of conventional coal-fired power stations. The derivation of an appropriate discount rate for each technology should take into account the different...

We show analytically under quite general conditions that time-varying implied rates of return based on analysts' earnings forecasts are only a downward biased estimator for future expected one-period returns and therefore not suited for computing market risk premia in order to resolve the equity...

In a series of cross-country comparisons, we show that national culture has a considerable impact on the characteristics of household finance. Using the Schwartz cultural value model and data on household finance, we analyze the impact of national culture on the use of deposits, equities, debt...

We extend existing research in cultural economics and offer a comprehensive analysis on the impact of culture on the structuring of business systems. In a series of cross-country comparisons, we show that national culture is statistically significant in determining the main business systems...