This paper analyzes whether predominantly non-listed corporations in the residential property industry systematically adjust their capital structure to changing financing requirements. Since previous research almost exclusively focused on listed companies, little is known about the...

Die Wohnungswirtschaft steht vor großen Herausforderungen, die insbesondere durch den stattfindenden sozio-demografischen Wandel sowie durch Anforderungen im Rahmen des Klimaschutzes verursacht werden. Um die Zukunftsfähigkeit der Wohnungswirtschaft und ihrer Wohnungsbestände sicherzustellen...

Nonlocal mortgage lenders with greater exposure to high-growth housing markets accept fewer loan applications in these markets and experience greater stock return volatility. When these lenders expand to high-growth markets, they also ration credit to a significantly greater degree than when...

This paper presents a framework for estimating losses in the residential real estate mortgage portfolios of German banks. We develop an EL model where LGD estimates are based on current collateral values and PD dynamics are estimated using a structural PVAR approach. We confirm empirically that...