After the introduction of REITs in France and together with the beginning of the discussion in the U.K. on the topic, the German Ministry of Finance asked in May 2004 the Centre for European Economic Research (ZEW) together with the ebs Real Estate Centre of the European Business School to...

Ribeiro and Webber (2006) propose a method to correct for simulation bias in the Monte Carlo valuation of options with pay-offs depending on the extreme value(s) of the underlying which is driven by a special Levy process, namely a normal inverse Gaussian (NIG) or a variance gamma (VG) process....

The introduction of REITs is expected to have a large impact on the market for indirect real estate investment in Germany. Whereas non-listed investment vehicles traditionally have been very successful in attracting capital from German private and institutional investors, the listed sector has...

In autumn 2004 FERI Institutional Management GmbH in collaboration with the Department of Real Estate at the European Business School, Germany designed and carried out the first broad interview based research study on the German institutional real estate market. Representatives of 50 German...

The Weighted Average Cost of Capital (ACC) has been established as an important figure to determine the hurdle rate for investments and the discount rate for company valuation. Therefore. the identification of their specific WACC is crucial for every listed property company. Based on theoretical...

Sozialraumorientierung lenkt den Blick der Sozialen Arbeit auf die grundlegenden Zusammenhänge räumlicher und sozialer Kontexte. Der Begriff Sozialraumorientierung ist bereits weit verbreitet, zeigt jedoch noch einige Unschärfen, die es zu klären gilt. Dieses Handbuch bietet dafür die...

We examine the impact of European car scrappage programs on new vehicle registrations and respective CO2 emissions. To construct proper counterfactuals, we develop MSCM-T, the multivariate synthetic control method using time series of economic predictors. Applying MSCM-T to a rich data set...

Using the Baker et al. (2013) index of policy uncertainty for six developed countries, this paper estimates spillovers of policy uncertainty. We find that spillovers account for slightly more than one-fourth of the dynamics of policy uncertainty in these countries, with this share rising to...

We present a model of opinion formation where individuals repeatedly engage in discussion and update their opinion in a social network similarly to the DeGroot model. Abstracting from the standard assumption that individuals always report their opinion truthfully, agents in our model may state...

We investigate how the selection process of a leader affects team performance with respect to social learning. We use a lab experiment in which an incentivized guessing task is repeated in a star network with the leader at the center. Leader selection is either based on competence, on...