We examine situations in which a decision maker decides for another person as well as herself under conditions of payoff equality, and compare such decisions under responsibility to individual decisions. Estimating a structural model we find that responsibility leaves utility curvature...

Purpose: This paper aims to examine the relationship between the use of public debt and investment activity of European listed real estate companies. Design/methodology/approach: Using a hand-collected sample of debt structures of 102 European public real estate companies, and using European...

In the literature, we always associate banking crises to currency crises, but the latest crisis brought specific attention to the real estate market and its movements. This study looks at the real estate and financial market turning points in the UK and USA. To achieve this, we conducted a study...

The aim of this study is to investigate transmission mechanisms between real estate and financial and monetary spheres. When we look across countries, there appears to be some correlation historically between declines in real estate prices and financial instability. The existing literature on...

Due to their diversity and maturity, Asian Real Estate Trusts presents an interesting investment asset that has an increasing impact in a portfolio management. In this paper, we investigate the role of Asian REITs in a mixed asset portfolio. To the best of our knowledge, this is the first study...

We develop and estimate an equilibrium search model of the housing market with aggregate shocks. Our purpose is to quantify the spillover effects between housing market and the wider economy. We investigate two potential mechanisms. First, we aim to understand to what extent individual shocks,...

This paper analyzes the dynamic interactions between real estate markets, in the US and the UK and their macroeconomic environments. We apply a new approach based on a dynamic coherence function (DCF) to study these interactions bringing together different real estate markets (the securitized...

Compte tenu de l'importance de l'étude de la dépendance extrême, nous avons essayé de déterminer l'approche qui semble être la meilleure pour l'étude des risques extrêmes. Pour atteindre ce but, nous avons mené une étude du coefficient de dépendance de queue pour les trois approche :...