Essays in Real Estate Research – serie
Visar alla böcker i serien Essays in Real Estate Research. Handla med fri frakt och snabb leverans.
25 produkter
25 produkter
Del 2 - Essays in Real Estate Research
Einflussfaktoren auf die Performance von Immobilien-Direktanlagen
Inbunden, Tyska, 2015
1 039 kr
Skickas inom 10-15 vardagar
Björn-Martin Kurzrock untersucht markt- und objektbezogene Einflussfaktoren auf die Performance von Immobilien-Direktanlagen und Bestandteile der Immobilien-Performance. Grundlage ist die Investment Property Databank (IPD/MSCI) mit Total Returns, Netto-Cash-Flow-Renditen und Wertänderungsrenditen von 1.531 Büro-, Handels- und Wohnimmobilien. Da immobilienbezogene Daten schwer zugänglich sind, basieren viele wissenschaftliche Arbeiten auf aggregierten Performanceindices, Mietpreisen oder Leerstandsraten. Der Fokus liegt dann nicht auf Gebäuden, sondern auf Märkten und Nutzungsarten. Der Autor wertet Einzelobjektdaten aus und bezieht georeferenzierte Daten wie Fahrt- und Wegezeiten ein. Die Ergebnisse der Querschnittsanalysen geben Anregungen für eine performanceorientierte Objektselektion im Immobilien-Investmentmanagement.
Del 3 - Essays in Real Estate Research
Strategien deutscher Banken
Der Umgang mit immobiliengesicherten Problemkrediten
Inbunden, Tyska, 2015
885 kr
Skickas inom 10-15 vardagar
Julia Gentgen stellt ein integriertes Entscheidungsmodell für deutsche Banken vor, das zur Behandlung von Problemkrediten sowohl die Kosteneffizienz der jeweiligen Transaktionsform als auch die erforderlichen Kompetenzen zur Bearbeitung berücksichtigt. Dieses Modell kann Banken als Entscheidungshilfe dienen und differenzierte Strategien für verschiedene Problemkreditportfolios in der Frage nach der optimalen Gestaltung des Managements ableiten. Bis Ende 2004 sammelte sich ein großes Volumen an Problemkrediten in den Bilanzen deutscher Banken an. Ökonomische und rechtliche Parameter veranlassen die Banken seitdem zur aktiveren Auseinandersetzung mit ihren Problemkrediten. Speziell für immobilienbesicherte Kredite stellt sich die Frage, ob die Banken intern über die erforderlichen Kompetenzen zur Bearbeitung verfügen sollten oder ob das Problemkredit-Management extern durch Outsourcing der Bearbeitung oder Verkauf der Problemkredite vorgenommen werden sollte.
Inbunden, Engelska, 2015
1 112 kr
Skickas inom 10-15 vardagar
Simon Kempf has developed hedonic (quality-adjusted) office rent indices for German metropolitan areas. His study explores new territory as it constructs, for the first time, such indices for Germany. The author thereby has taken into account the different qualities of the underlying lease contracts regarding location factors, lease factors, building factors, equipment and layout factors of the office rental unit – using more than 22,005 office lease contracts stored in the Rental Databank of IPD GmbH in Wiesbaden. This hedonic index construction methodology is well known among real estate researchers and statisticians, but it has been mainly used in the residential sector. As a second novelty the multiple imputation method in the statistical analysis to solve the problem of missing data is employed. Quality-adjusted office rent indices serve as market and economic indicators as well as a bench-marking instrument.
Del 6 - Essays in Real Estate Research
Immobiliencontrolling bei institutionellen Immobilieninvestoren
Kontext, Gestaltung und Erfolg
Inbunden, Tyska, 2015
885 kr
Skickas inom 10-15 vardagar
Matthias Eder zeigt verschiedene Einflussgrößen auf das Controlling von institutionellen Immobilieninvestoren auf und entwickelt mithilfe von Experteninterviews einen Rahmen zur Untersuchung seiner Gestaltungsmöglichkeiten. Des Weiteren analysiert der Autor Verbesserungs- und Entwicklungsmöglichkeiten im Controlling und ermittelt, welche Gestaltungsformen erfolgversprechend sein können. Er greift damit das Phänomen auf, dass ein Immobiliencontrolling in den letzten Jahren bei vielen Immobilienunternehmen in Deutschland eingeführt wurde, und untersucht tiefgehend die Zusammenhänge. Eine empirische Erhebung bei institutionellen Immobilienbestandshaltern in Deutschland eröffnet einen Einblick in die tatsächliche Ausprägung und den Entwicklungsstand des Immobiliencontrollings.
Inbunden, Tyska, 2015
859 kr
Skickas inom 10-15 vardagar
Patricia Feigl zeigt, dass der neuartige Wettbewerbsdruck zwischen den Akteuren am Wohnimmobilienmarkt die Generierung und Sicherung von Vorteilen notwendig macht. Für eine Zielgruppenbestimmung von Wohnimmobilienmietern stellt sie die Wohnbedürfnisse von Nachfragern zusammen und entwickelt auf der Basis des Nutzensegmentierungsansatzes einen wohnungswirtschaftlichen Marktsegmentierungsansatz. Das Spektrum des Themenfeldes offenbart sich in der Abgrenzung der Wohnbedürfnisse gegenüber anderen soziologischen und psychologischen Aspekte des Wohnens, der Identifikation untersuchungsrelevanter Wohnbedürfnisse und deren Überleitung in produktspezifische Segmentierungsmerkmale. Basierend auf den Ergebnissen einer empirischen Untersuchung überprüft die Autorin den Ansatz auf seine Anwendbarkeit, um abschließend Handlungsoptionen für die Praxis aufzuzeigen.
Inbunden, Tyska, 2015
833 kr
Skickas inom 10-15 vardagar
Verena Bentzien entwickelt erstmals Erschwinglichkeitsindikatoren für die Bezahlbarkeit von Wohneigentum in Deutschland. Sie identifiziert Defizite, insbesondere im Hinblick auf die nach der Abschaffung der Eigenheimzulage geänderte wirtschaftliche Situation der Ersterwerberhaushalte. Trotz einer im europäischen Vergleich hohen Kostenbelastung – knapp ein Viertel der Deutschen wendet mehr als zwei Drittel des verfügbaren Einkommens für Wohnen auf – bleiben Wohnwünsche weitgehend unerfüllt. Während eine Mehrheit angibt, gerne im Eigentum leben zu wollen, liegt die deutsche Eigentumsquote auf einem international niedrigen Niveau, was vermehrt auf finanzielle Restriktionen als Haupthemmnis beim Wohneigentumserwerb zurückgeführt wird.
Inbunden, Tyska, 2015
833 kr
Skickas inom 10-15 vardagar
Friederike Sperl untersucht das loyale Mieterverhalten, um daraus effektive Bindungsmaßnahmen für Wohnungsunternehmen zu identifizieren und einen profitabilitätsorientierten Mieterbindungsmanagementansatz abzuleiten. Ziel ist es, durch eine effektive und effiziente Mieterbindungsstrategie die Erfolgsmöglichkeiten von institutionellen Wohnungsanbietern nachhaltig zu erhöhen. Dies geschieht vor dem Hintergrund des Wandels von einem Vermieter- hin zu einem Mietermarkt. Daher gewinnt die Kundenorientierung im Sinne des Customer Relationship Managements auch in der Wohnungswirtschaft zunehmend an Bedeutung. Um auf wettbewerbsintensiven Märkten bestehen zu können, gilt es, Wünsche und Bedürfnisse der Nachfrager von Wohnleistungen zu berücksichtigen und die Mieter langfristig an institutionelle Vermieter zu binden.
Inbunden, Engelska, 2015
559 kr
Skickas inom 10-15 vardagar
Christopher Oertel studies the impact of public policy measures on the German real estate market and confirms the assumptions, which imply that a city can influence its economic position in relation to nearby cities in the short run by making use of this tax instrument. His analyses begin with an examination of the German residential real estate market from a consumption good perspective. The findings indicate that the home-ownership allowance had a distorting effect by capitalizing into residential real estate prices, although at lower than expected rates. Then the author studies the German residential real estate market from an investment good perspective. Investigating an important amendment of the German tenancy legislation, there is a positive, yet insignificant relationship between the tenancy law reform act and the development of the cap rate. The analysis is completed by focussing on the German office market and investigating how its rental levels and gross purchase prices areaffected by changes in the municipal trade tax multiplier.
Inbunden, Engelska, 2015
559 kr
Skickas inom 10-15 vardagar
Nicolai C. Striewe analyzes potential opportunistic behavior of REIT managers and provides empirical evidence on the effectiveness of institutional monitoring as a corporate governance mechanism. The author also suggests ways to promote sustainable management by means of institutional participation. The results of his study provide valuable insights to enhance corporate governance, transparency and efficiency in the REIT market. They encourage (a) academics to include a behavioral component into studies of the REIT market, (b) REIT managers to incorporate effective monitoring and control mechanisms, (c) investors to become more aware of agency conflicts in REITs and (d) policy makers to facilitate a legal framework conducive to a sustainable REIT market.
Inbunden, Engelska, 2015
559 kr
Skickas inom 10-15 vardagar
Anna Mathieu clarifies if real estate decisions are affected by investor and consumer sentiment and how severely the sentiment should be considered. With regard to international capital markets Mathieu conducts an analysis of the impact of investor sentiment on the return of the real estate-specific investment vehicle “Real Estate Investment Trust (REIT)” by applying a GARCH-Model. She investigates the effects of investor sentiment on the return and the underlying volatilities of REITs and Non-REITs during the financial crisis. The hypotheses are tested for validity in a GARCH-Model. Parallel to capital markets and thereby in changing from an indirect Real Estate investment perspective to a direct perspective the author conducts an analysis if consumer sentiment impacts the household decision to buy a new home in the US. Therefore a dataset with 385 monthly observations from 1978 to 2010 is tested by a component model.
Inbunden, Engelska, 2015
559 kr
Skickas inom 10-15 vardagar
Alexander Reichardt provides pertinent information on the business case for sustainable buildings, which offer a large potential to abate climate change, which can be achieved at relatively affordable costs compared to other industries. He discusses– although sustainable space offers verifiable advantages to tenants like lower operating expenses, higher employee productivity and reputation benefits –, the small empirical evidence that tenants indeed pay a rent premium for leasing this space. The author, therefore, analyses if sustainable buildings command a rent premium compared to comparable conventional buildings and what contributes to this rent premium. In addition, he analyses what kind of tenants primarily rent sustainable space. It is expected that the demand for sustainable space differs between industries as different industries have different motivations for renting sustainable space.
Häftad, Engelska, 2015
559 kr
Skickas inom 10-15 vardagar
Anna Mathieu clarifies if real estate decisions are affected by investor and consumer sentiment and how severely the sentiment should be considered. With regard to international capital markets Mathieu conducts an analysis of the impact of investor sentiment on the return of the real estate-specific investment vehicle “Real Estate Investment Trust (REIT)” by applying a GARCH-Model. She investigates the effects of investor sentiment on the return and the underlying volatilities of REITs and Non-REITs during the financial crisis. The hypotheses are tested for validity in a GARCH-Model. Parallel to capital markets and thereby in changing from an indirect Real Estate investment perspective to a direct perspective the author conducts an analysis if consumer sentiment impacts the household decision to buy a new home in the US. Therefore a dataset with 385 monthly observations from 1978 to 2010 is tested by a component model.
Häftad, Engelska, 2016
1 112 kr
Skickas inom 10-15 vardagar
Simon Kempf has developed hedonic (quality-adjusted) office rent indices for German metropolitan areas. His study explores new territory as it constructs, for the first time, such indices for Germany. The author thereby has taken into account the different qualities of the underlying lease contracts regarding location factors, lease factors, building factors, equipment and layout factors of the office rental unit – using more than 22,005 office lease contracts stored in the Rental Databank of IPD GmbH in Wiesbaden. This hedonic index construction methodology is well known among real estate researchers and statisticians, but it has been mainly used in the residential sector. As a second novelty the multiple imputation method in the statistical analysis to solve the problem of missing data is employed. Quality-adjusted office rent indices serve as market and economic indicators as well as a bench-marking instrument.
Häftad, Engelska, 2016
559 kr
Skickas inom 10-15 vardagar
Nicolai C. Striewe analyzes potential opportunistic behavior of REIT managers and provides empirical evidence on the effectiveness of institutional monitoring as a corporate governance mechanism. The author also suggests ways to promote sustainable management by means of institutional participation. The results of his study provide valuable insights to enhance corporate governance, transparency and efficiency in the REIT market. They encourage (a) academics to include a behavioral component into studies of the REIT market, (b) REIT managers to incorporate effective monitoring and control mechanisms, (c) investors to become more aware of agency conflicts in REITs and (d) policy makers to facilitate a legal framework conducive to a sustainable REIT market.
Häftad, Engelska, 2016
748 kr
Skickas inom 5-8 vardagar
Christopher Oertel studies the impact of public policy measures on the German real estate market and confirms the assumptions, which imply that a city can influence its economic position in relation to nearby cities in the short run by making use of this tax instrument.
Häftad, Engelska, 2017
559 kr
Skickas inom 10-15 vardagar
Philip Radner analyzes equity financing phenomena and researches IPO underpricing and SEO announcement effects using data sets for US REITs. Moreover, he discusses underpricing theories and their applicability in the REIT context and gives a theoretical background on IPOs and on underpricing in particular. With this background at hand, the results out of this dissertation imply to focus on the wording in IPO documents as it can help to maximize IPO proceeds. In addition, he analyzes how to better time and announce subsequent equity financing events. It is expected that significantly underpriced issues attract more investors and that subsequent SEOs are then easier to conduct and typically raise more capital.
Inbunden, Engelska, 2018
1 112 kr
Skickas inom 10-15 vardagar
Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the functionality of unconventional monetary policy to a broad audience, the author analyzes the impact of these purchases. The first Covered Bond Purchase Programme (CBPP1) has lowered covered bond spreads by 3-4 basis points in the short-term, 10 basis points in the medium-term, and increased emission volumes by € 103 billion. CBPP2 and CBPP3 have not led to similar effects. However, the programs’ effectiveness relies on the market’s expectations and its prevalent health.About the Author Holger Markmann is PostDoc at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.
Häftad, Engelska, 2019
559 kr
Skickas inom 10-15 vardagar
Alexander Reichardt provides pertinent information on the business case for sustainable buildings, which offer a large potential to abate climate change, which can be achieved at relatively affordable costs compared to other industries. He discusses– although sustainable space offers verifiable advantages to tenants like lower operating expenses, higher employee productivity and reputation benefits –, the small empirical evidence that tenants indeed pay a rent premium for leasing this space. The author, therefore, analyses if sustainable buildings command a rent premium compared to comparable conventional buildings and what contributes to this rent premium. In addition, he analyses what kind of tenants primarily rent sustainable space. It is expected that the demand for sustainable space differs between industries as different industries have different motivations for renting sustainable space.
Del 14 - Essays in Real Estate Research
Covered Bonds under Unconventional Monetary Policy
Häftad, Engelska, 2019
670 kr
Skickas inom 10-15 vardagar
Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the functionality of unconventional monetary policy to a broad audience, the author analyzes the impact of these purchases. The first Covered Bond Purchase Programme (CBPP1) has lowered covered bond spreads by 3-4 basis points in the short-term, 10 basis points in the medium-term, and increased emission volumes by € 103 billion. CBPP2 and CBPP3 have not led to similar effects. However, the programs’ effectiveness relies on the market’s expectations and its prevalent health.About the Author Holger Markmann is PostDoc at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.
Del 15 - Essays in Real Estate Research
Essays on Housing and Pensions
A European Perspective
Inbunden, Engelska, 2019
1 112 kr
Skickas inom 10-15 vardagar
Demographic trends put a burden on EU pension provision. As the sustainability of pension systems is addressed by current pension reforms, lower benefit levels are projected. In this scenario, households may want to consider supplementing their public pension income. As their own residence is on average their most valuable asset, its transformation to income can be one form of alleviating financial distress in old age. Thomas Müller presents research findings on the interdependency of housing and pension wealth as well as on whether and to what extent housing wealth is decumulated after retirement. The author emphasizes the consideration of housing wealth in pension policies to enable European households to employ its housing asset as an income source in old age.About the AuthorThomas Müller wrote his dissertation at the Real Estate Management Institute (REMI) at the EBS Business School. His research was motivated by the effects of demographic changes on pensionprovision in the EU. He focused especially on the allocation and liquidation of private housing wealth as a public pension supplement.
Del 16 - Essays in Real Estate Research
Innovation in Service Industries
An Investigation of the Internal and External Organizational Contexts from the Laboratory of Real Estate
Häftad, Engelska, 2019
946 kr
Skickas inom 10-15 vardagar
Susanne Hügel studies innovation in service industries from the industrial organization and behavioral theory perspectives, therefore chooses the real estate industry as object of study. The author examines the existing research on firm innovativeness, proposes a more advanced concept, and empirically validates a new measure in a service industry context. Thereby, the innovation status quo of the real estate industry is studied. In addition, the book addresses the impact of slack resources on the organizational members’ innovative work behavior. Overall, important insights about the service industries’ innovation pattern and organizational behavior are revealed. The book acknowledges the increasing role of innovation due to the altering business environment in the 21st century, such as shifts from goods to services, or the globalization of markets.About the Author:Susanne Hügel is an expert in the field of innovation, business model development, and digital transformation in the real estate industry. She wrote her dissertation at the Real Estate Management Institute (REMI) of EBS Business School.
Del 17 - Essays in Real Estate Research
Sustainability and the Occupant
The Effects of Mindfulness and Environmental Attitudes on Real Estate User Behaviors
Häftad, Engelska, 2019
559 kr
Skickas inom 10-15 vardagar
Occupant behaviors can more than offset technological efficiency gains so that research must go beyond sustainable buildings. Nicolas J. Seyler addresses numerous recent calls for research regarding the drivers of environmental real estate user behaviors (EREUB). In particular, the work investigates the effects of environmental attitudes and mindfulness on EREUB in two different contexts, namely at home and at the office. The contributions are twofold. First, the author develops and validates a novel measurement scale for EREUB. Secondly and most importantly, the empirical studies are the first to apply the concept of mindfulness solely in real estate research. By employing partial least squares structural equation modeling it is shown that mindfulness is a determining factor of occupant behaviors besides environmental attitudes.About the Author:Nicolas J. Seyler has been research assistant and doctoral candidate at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht. His research focused on sustainability and real estate user behaviors. Currently, he is working at a leading real estate constancy firm and is specialized in strategic as well as transaction advisory projects.
Del 18 - Essays in Real Estate Research
Essays on the Impact of Urban (Dis-)Amenities on the German Real Estate Market
Häftad, Engelska, 2020
836 kr
Skickas inom 10-15 vardagar
Understanding the relationship between urban amenities and real estate prices is a key for the future of our cities. Location choices depend on a variety of urban amenities that eventually determine demand for a specific location. Identifying the impact of these urban amenities on the people’s preferences allows policy makers and developers to increase quality of life. Jan de Graaff therefore quantifies the impact of crime and migration on residential real estate prices and identifies the location choice preferences of Germans by applying innovative methodologies to unique German data sets.
Del 19 - Essays in Real Estate Research
Real Estate Investment Trusts and Joint Ventures
Häftad, Engelska, 2020
946 kr
Skickas inom 10-15 vardagar
Julian Eibel studies the contribution of joint venture (JV) use as means of financing flexibility against the background of diverse financial restrictions in the institutional and regulated environment of the REIT Act. After reviewing JV motives for classical corporations, the real estate and REIT industry as well as the financing and capital behavior of REITs, the author finds JVs to result from REIT managers’ need of financing flexibility to allow timely funding outside regulated markets. Thus, he argues JVs mitigate financing restrictions and stimulate capital markets to regain access to classical financing.
Del 20 - Essays in Real Estate Research
Stock Price Dynamics of US REITs
The Effect of Short Selling, Covid-19, and ESG
Häftad, Engelska, 2023
1 001 kr
Skickas inom 10-15 vardagar
By adopting the ‘REIT laboratory’ and incorporating REIT-specific Fama-French factors, Nick Martin Trefz builds the foundation to appropriately isolate the parameters of interest and to transparently investigate the areas of interest (Short Selling, Covid-19, and ESG) throughout the chapters in this book. He finds that short selling activity measured by short interest correlates with positive excess returns, and that low short interest portfolios have positive and statistically significant alphas. He further identifies that during the Covid-19 pandemic the sources of spillovers among US real estate sectors remain constant compared to before Covid-19. Lodging can be identified as a source of total return as well as tail risk, and Office can be considered a source of volatility. Lastly, he shows that ESG ratings do not affect returns during Covid-19. However, higher ESG ranked REITs show significantly lower volatility during Covid-19.