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The aim of the article is to analyze and identify the dividend policy adopted by real estate development companies … listed on the WSE. The first regular dividend paid by these entities was in 2007. Only 12% of real estate companies listed on … the development companies, decisions regarding the distribution of profits bear the markings of residual dividend policy …
Persistent link: https://www.econbiz.de/10012011860
real estate development projects in Poland, and the share of debt securities and bonds in the financing structure of real …
Persistent link: https://www.econbiz.de/10010390294
Empirical studies on the tokenization of real asset markets are necessary to better understand the potential and limitations of this radically new organization of financial markets. We examine the financial economic consequences of the tokenization of 58 residential rental properties in the...
Persistent link: https://www.econbiz.de/10013313529
The current commission system in real estate brokerage misaligns agent and house seller interests, so real estate agents have strong incentives to mislead their clients by convincing them to sell their houses too cheaply and too quickly. This paper studies, being motivated by the commission...
Persistent link: https://www.econbiz.de/10013067800
Real option theory models real estate development as a developer-controlled exercise of an option to construct the optimal structure at the optimal time. In practice, most projects encounter a highly uncertain entitlement (i.e., regulatory approval) process that is largely uncontrollable by the...
Persistent link: https://www.econbiz.de/10012905539
Since the 1970s, covenants running with the land have tethered a large majority of the new housing units produced in the United States. These private restraints usually continue for generations, until a majority or super-majority of covenant beneficiaries affirmatively vote to amend or terminate...
Persistent link: https://www.econbiz.de/10012825022
All over the world there is a strong infatuation towards real estate. Nevertheless there seems to be a (sub)conscious omission in incorporating this stylised fact into the academic literature. The decision of buying residential property may be one of the most important transaction people will...
Persistent link: https://www.econbiz.de/10013007404
In this report, we venture into the future of real estate markets and products. Our definition of "real estate" for this purpose is not limited to buildings—such as homes, apartments, hotels, retail malls, offices, factories, and warehouses. Our definition also includes the social...
Persistent link: https://www.econbiz.de/10012853125
This paper assesses to which degree housing purchase subsidies are capitalized into property prices. Using a large-scale micro data set on German house prices, I exploit the introduction of a new subsidy scheme in the state of Bavaria. My difference-indifference estimations at the Bavarian...
Persistent link: https://www.econbiz.de/10012254473
This paper proposes a framework for monitoring vulnerabilities related to the residential real estate sector in a cross-country context. The framework might be useful for complementing or cross-checking signals available from existing approaches. It takes into account three dimensions of real...
Persistent link: https://www.econbiz.de/10011710115