The paper examines the impact of the advisor structure on the leverage of 265 US real estate investment trusts (REITs). The study employs panel data for the period 1994 to 2010. Externally advised REITs tend to choose lower leverage, a result which differs from that of Capozza and Seguin (2000)...

This paper investigates whether obtaining sustainable building certification entails a rental premium for commercial office buildings and tracks its development over time. To this aim, both a difference-in-differences and a fixed-effects model approach are applied to a large panel dataset of...

This paper studies the impact of CEO discretion within the incentive structure of U.S. REITs. In contrast to the existing governance literature we focus on a specific sector with a specific legal setting (e.g., restrictive payout ratios), and organizational structure (e.g., little threat of a...

OLS regression has typically been used in housing research to determine the relationship of a particular housing characteristic with selling price. Results differ across studies, not only in terms of size of OLS coefficients and statistical significance, but sometimes in direction of effect....

As German banks are currently facing the new regulations of Basel II as well as strong global competition, non and sub performing loans have risen to a subject of high interest in German banks. The German press pays high attention to the topic and the constantly growing non performing loan...

In several worldwide real estate markets, the phenomenon can be observed that in times of imbalanced market situations, together with a weak economic environment, international real estate investors with a high yield íopportunisticî strategy, foremost US or U.K. funds, enter national markets...

The real estate banking industry in Germany has undergone severe changes due to changes in the legal framework, consolidation processes and economic crisis. As one of the results, German banks begin to sell their portfolios of non performing real estate loans. The six relevant transactions in...