This paper investigates the role of real estate in a mixed-asset portfolio when the maximum drawdown (hereafter MaxDD), rather than the standard deviation, is used as the measure of risk.

In this paper, it is examined whether the structure of constrained submarkets constructed according to three a priori classifications (property type, house value and geographical areas) differs from that of unconstrained submarkets constructed by means of principal component analysis and cluster...

In 2007, the city council of Kyoto adopted the keikan jōrei [townscape ordinances],a set of amendments to existing building codes that was hailed as revolutionaryeven by critical commentators. The new rules expand existing protectedareas, ban putting up rooftop billboards and neon signage, and...

I apply standard time series models to US housing prices. Forecasts made in 2005 or earlier would have produced stress scenarios that are worse than the subsequent actual change in housing prices. The probability of these scenarios is in the range that banks claim to consider in their risk...

Schon längere Zeit spielte Mieter mit dem Gedanken, sich ein eigenes Haus zu kaufen. Nichtzuletzt durch die Diskussion mit seinem Freund Rechner über den Inhalt einer Broschüre derPostbank (vgl. Breuer, 2002a) zum Vergleich der Vorteilhaftigkeit von Miete und Kauf einesEigenheims ließ sich...

Asset-Klasse Immobilie – Neue Akteure, neue Dimensionen, neue Fragestellungen:Die Anforderungen an die Kommunikation von Immobilienunternehmenhaben sich gewandelt. Nach dem Boom stellt das aktuell schwierigeMarktumfeld den Öffentlichkeitsauftritt der Branche auf den Prüfstand.[...]

The present paper seeks to study the possible diversification potential by the integration ofindirect real estate investments in international portfolios. To this end, monthly index-returntime-series in the time-period from January 1985 till December 1998 from real estate investmentcompanies as...