This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...

Voraussichtlich zum 1. Januar 2013 beginnt die Implementierungsphase von Basel III, der zweiten Überarbeitung des Basler Akkords zur Regulierung der Kreditinstitute in der Europäischen Union. Mit der ersten Überarbeitung wurde 2004 eine vermeintlich genauer an die tatsächlichen Risiken...

This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...

This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...

Financial flexibility describes the ability of a firm to access and restructure its financing by avoiding financial distress in the face of negative shocks, and by funding investment when profitable opportunities arise. General finance literature as well as real estate specific studies are not...

The affordability of homeownership is frequently discussed among policy and economic decision makers. An owner-occupied house is mostly the largest asset a household invests in and often requires the household to take out a mortgage. High or volatile interest rates can limit the householdsí...

Despite the fact that commercial real estate makes up a large proportion of wealth, a functioning derivatives market exists since 2005 only, when swap contracts began to be traded in the UK in a notable amount. The liquidity of the markets is still far behind that of other established...

Real estate investments have attracted attention as an asset class with high stability of their values, opportunity to hedge against inflation, specific risk-return characteristics, and low co-movements with traditional stock and bond markets. The integration of property investment vehicles to a...

Purpose: We investigate causes for the cost overrun and delay of the railway project Stuttgart 21. Besides, we try to forecast the actual costs and completion date at an early stage. Design/methodology/approach: The results of exploratory research show the causes for the cost overrun and delay...