We test the effects of uncertainty on market liquidity using Hurricane Sandy as a natural experiment. Given the unprecedented strength, scale and nature of the storm, the potential damages of a landfall near the Greater New York area were unpredictable and therefore uncertain. Using a...

Some studies indicate that there is only little difference between business and personal risks among small businesses. Personal assets and wealth can become subject to business risks depending on the organisational and legal structure chosen for the business. By the choice of the organisational...

Since the late 1990s, the construction industry has undergone a change in business model, as contractors vertically expand their operations to other parts of the real estate life cycle. The question arises on whether construction companies have superior abilities as real estate service...

Unlike for other asset classes the performance of direct property has been researched only to a small extent, especially as single-property data are hardly available. This study for the first time investigates the performance of direct property in Germany based on single-property data. Aims of...

ERES:conference

The paper investigates the capital structures of North-American REITs in different market phases. First, the paper aims at finding out how different REITs alter their capital structures in different environments. Second, it will be investigated which capital structures outperform others in...