From the beginning of the global financial downturn, the observation of residential mortgage market drivers has been focused in investigating the role in triggering the world crisis. Today, we want to analyze how the residential mortgage market could support the upturn and, consequently, how it...

The European household borrowing has been growing significantly for some years, mainly stimulated by the residential mortgage demand. This phenomenon has persuaded many European banks to consider strategically the possibility to seize the development opportunities of this business also on some...

Real estate investment is different from financial investment and such difference can affect the results of traditional mean -variance models. The literature on property finance summarises the differences of expected return and expected risk among individual real estate investments into four...

The hedonic price models on the office sector demonstrate the existence of a link between the rent and the vacancy of the area (Wheaton and Torto, 1988), the characteristics of the building (Clapp 1980) and the characteristics of the area (Gardiner and Henneberry, 1988). The role of each feature...

The rating offered by independent credit assessment institution represents an easy way to summarize the risk return profile of an investment and, especially in the United States, this tool is used also to evaluate the risk return profile of Real Estate investment products. The more relevant...

The certainty and the volatility of tenant periodical cash flows related to real estate investments can prominently impact on the expected return estimated ex-ante. Therefore the tenant risk is a crucial factor for the investors and their asset allocation choices. The paper considers the Italian...

Liquidity is the ability of a bank to collect money necessary for financing assets and meet obligations as they come due, without incurring unsustainable losses; the maturity transformation of short-term deposits into long-term loans makes banks inherently vulnerable to liquidity risk (Basel...

Literature and regulation on financial intermediaries consider real estate loans being credit risk mitigated exposures due to the role played by the collateral. The effectiveness of the mitigation stemming from the real estate collateral depends on the recovery value the intermediary can expect...

The increasing role of retail investors in the real estate vehicle market makes necessary to study simple return/risk measures that could be easily understood also by not financial skilled investors. Measures frequently used in the asset management industry are the Risk Adjusted Performance...

The volatility of tenant periodical cash flows produced by investment property can dramatically affect the expected return as estimated ex-ante, especially in recession times. Therefore tenant risk is a crucial factor for real estate investorsí strategies and asset allocation choices. The paper...