Recent empirical evidence raises doubt about the ability of financial market participants to generate information efficient valuations for capital market instruments whose cash flows are related to residual claims and dependent on real estate income. We contribute to this literature with the...

Using several different datasets obtained from the German Central Bank (Deutsche Bundesbank) and the German Federal Statistical Office, we provide empirical evidence that savings and loan contracts (SLCs) are a macrosocial phenomenon that smooths housing demand by setting countercyclical...

Die Entwicklungen in der Wohnimmobilienfinanzierung sind volkswirtschaftlich bedeutend. Wie die Erfahrungen der Finanzkrise gezeigt haben, können etwaige Kreditausfälle die Finanzstabilität erheblich gefährden. Angesichts der steigenden Preise und niedrigen Zinsen wird besonders die...

The energy transition will require considerable increases in energy efficiency, particularly in residential buildings. Financial support mechanisms, information and adviceprograms and dedicated training and certification of craftsmen are already in place to stimulate energy efficiency...