The value of land is determined by the locations' attractiveness and the degree of regulation. When land regulations are binding, e.g. when a restriction on the maximum floor area ratio exists, the best use land price can be directly expressed as a function of the maximum floor area ratio and...

Diese Dissertation besteht aus drei Beiträgen zur Immobilien-Ökonomie und Immobilien-Finanzwirtschaft mit einem Fokus auf die räumliche Struktur und den Landmarkt. Im ersten Beitrag werden fünf lineare hedonische Modell auf den Mietwohnungsmarkt angewendet. Die fünf Modelle unterscheiden...

Multivariate GARCH models have been designed as an extension of their univariate counterparts. Such a view is appealing from a modeling perspective but imposes correlation dynamics that are similar to time-varying volatility. In this paper, we argue that correlations are quite different in...

This paper proposes an empirical framework that is based on pre-trade transparency to test for information-based return co-movements among international commercial real estate markets. We introduce a benchmark portfolio that includes property markets with a higher pre-trade transparency to...