Real and private-value assets—defined here as the sum of real estate, infrastructure, collectibles, and noncorporate business equity—compose an investment class worth an estimated $84 trillion in the U.S. alone. Furthermore, private values can affect pricing in many other financial markets,...

In this paper, we study bubble episodes in the United Kingdom private real estate sectors (Retail, O ces, Industrial) over the period December 1986 to April 2022. We use the backward supremum augmented Dickey Fuller (BSADF) approach of Phillips et al. (2015a,b) to identify bubbles and we...

Treating the Russian invasion of Ukraine as a rare disaster event and defining proximity as both physical distance and political closeness, we analyze investors’ response to disaster risk by examining the performance of commercial real estate investments in countries of proximity to the event....

To better understand the potential and limitations of the tokenization of real asset markets, empirical studies need to examine this radically new organization of financial markets. In our study, we examine the financial and economic consequences of tokenizing 58 residential rental properties in...

Real estate markets are frequently affected by growth and contraction cycles. Given the social and economic impacts of changes on real estate prices, the understanding of these cycles is crucial from a socio-economic perspective, but also, and more importantly, from a public policy view. The...

The United Kingdom's (UK) property markets are thought to be a common destination for corrupt and criminal assets and money laundering, with investment often through offshore shell companies. Following the Russian invasion of Ukraine in 2022, we study the impact of the introduction of a policy...

Our paper uses credit registry data for the euro area to examine how the banking system transmits asset price shocks to credit via revaluation of collateral and subsequent lending decisions. Specifically we examine banks' treatment of real estate collateral during the Covid-19 crisis. First we...

Elementarschäden an Immobilien werden klimabedingt zunehmen, aber noch immer sindin Deutschland nicht alle Wohnimmobilien gegen Elementarschäden versichert. Sie sindaber überall zu tragbaren Prämien versicherbar. Die zentralen Parameter, die es zu regelngilt, sind der Abdeckungsgrad...

Real estate markets are frequently affected by growth and contraction cycles. Given the social and economic impacts of changes on real estate prices, the understanding of these cycles is crucial from a socio-economic perspective, but also, and more importantly, from a public policy view. The...

Despite the growth in CRM installations, e-CRM projects still have a significant failure rate, even after substantial investments in CRM technology. High rates of failure mean that the current requirements for developing and designing CRM need to be analysed. It's not enough to just look at data...

A rapidly expanding universe of technology-focused startups is trying to change and improve the way real estate markets operate. The undisputed predictive power of machine learning (ML) models often plays a crucial role in the 'disruption' of traditional processes. However, an accountability gap...

This article examines the spatially varying effect of age on single-family house (SFH) prices. Age has been shown to be a key driver for house depreciation and is usually associated with a negative price effect. In practice, however, there exist deviations from this behavior which are referred...

In China, real estate and the stock market are the two main markets favored by both individual and institutional investors. There is a significant economic link between the two. Therefore, their relationship and long-term and short-term causality can provide good guidance for investors. This...

We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the...

We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the...

A rapidly expanding universe of technology-focused startups is trying to change and improve the way real estate markets operate. The undisputed predictive power of machine learning (ML) models often plays a crucial role in the ‘disruption’ of traditional processes. However, an accountability...

In China, real estate and the stock market are the two main markets favored by both individual and institutional investors. There is a significant economic link between the two. Therefore, their relationship and long-term and short-term causality can provide good guidance for investors. This...

We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the...

This paper investigates the presence of speculative bubbles in the Scandinavian countries namely Denmark, Finland, Norway, and Sweden over the period from 1980Q1 to 2018Q4 and searches for evidence of bubble migration among those countries. First, we apply the GSADF test developed by Phillips et...

The massive expansion of China's real estate sector has raised manufacturing wage through the channel of reallocating low-skilled labor from manufacturing sectors to the real estate sector. Using data of manufacturing firms in 35 major cities from 2000-2007, we find that the expansion of the...

We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the...

Despite the prevalence and high cost of real estate agents, there is limited empirical evidence as to the nature or efficacy of their services. In this paper we estimate real estate agents' value-added when either selling or buying homes using data from three large multiple listing services...

Between 2000 and 2007, the gender gap in earnings in the US real estate sector increased, especially in local markets where house prices appreciated relatively more. Firm frictions and the presence of small children in the household do not explain the widening of the gender gap, while sorting on...

Seit Mitte des 20. Jahrhunderts nimmt die makroökonomische Bedeutung von Immobilienvermögen in vielen Ländern zu. Ins Blickfeld rückt damit auch die Verteilung des Immobilienvermögens und ihr Einfluss auf die Vermögens- und Einkommensungleichheit. In unserem Beitrag beleuchten wir...

Der folgende Beitrag zeichnet die Anfänge der Behandlung des Bodens in der Geschichte der ökonomischen Theorie und in der dazu korrespondierenden politischen Praxis nach. Eine zentrale Rolle spielt die Kritik am Privatbesitz am Boden, aus der dann die Forderung nach einer Besteuerung des...