Die vorliegende Arbeit ist das Ergebnis eines Aufenthaltes in Zimbabwe zwischen Juli und Oktober 1997, ermöglicht durch ein Reisestipendium des Sasakawa Young Leaders Fellowship Fund (SYLFF), vergeben an der Ruhr-Universität Bochum. Das Thema der Arbeit umfaßt drei zentrale Aspekte eines...

This paper analyzes the return sensitivities of real estate value and growth stocks to changes in five different interest rate proxies. Using a global sample of 352 listed real estate companies from 12 countries as a test object, we find that real estate value stocks are more sensitive than real...

This paper examines the risk premium of value stocks within a global investment strategy framework. We test whether absolute or relative mis-pricing is better suited to capturing the global value premium by using fair value-based net asset values (NAVs) as our proxies for fundamental value. We...