(Problemstellung) Die Entscheidungsrelevanz von Risiken bei immobilienwirtschaftlichen PPPs wird derzeit recht kontrovers diskutiert. Es besteht Konsens, dass immobilienwirtschaftliche PPPs immer auch die Risikoposition der öffentlichen Hand wesentlich beeinflussen. Daher liegt auf der Hand,...

This research starts from the observation that common desmoothing models are likely to generate some extreme returns. Such returns will distort risk measurement and hence can lead to investment decisions that are suboptimal relative to those that would be made if a transaction based index were...

We investigate how differential exposures by German banks to the US real estate market during the recent financial crisis affect their corporate lending in Germany. Using unique bank-level exposure data, we distinguish between three different types of bank exposures, i.e. direct exposure to the...