20070-01 Real Estate Investments (3 CP) - WWZ

Abteilung Finanzmanagement Prof. Dr. Pascal Gantenbein Telefon +41 61 267 2459 Fax +41 61 267 2463 Internet www.wwz.unibas.ch/fmgt Email [email protected] 20070‐01 Real Estate Investments (3 CP) Master in Wirtschaftswissenschaften, Frühjahrssemester 2013 I. Zielsetzung und Inhalt Die Sicht gegenüber der Immobilie als Anlage hat sich in den letzten zwanzig Jahren grundlegend verändert. Neue Beteiligungsformen, bessere Marktinformationen und die dadurch generierte Ver‐
gleichbarkeit sowie die Erschliessung der Kapitalmärkte haben dazu beigetragen, dass die objektbe‐
zogene Perspektive immer mehr durch eine integrierte Betrachtung von Portfolios mit Immobilien ergänzt wurde. Bestandesorientiertes Objekt‐Management, naive Diversifikation und kurzfristige «best Deals» sind zunehmend einer strukturierten Planung von Immobilienportfolios sowie einer Professionalisierung des Portfolio‐Managements mit Immobilienanlagen gewichen. Inhalt: Im Zentrum des Kurses «Real Estate Investments» stehen diese neuen Entwicklungen an den Immobilien‐Anlagemärkten und im Portfolio‐Management. Es wird aufgezeigt, in welchem Umfang sich Immobilien als Portfolio‐Beimischung eignen, auf welche Weise sie zur Diversifikation beitragen und welche Besonderheiten man beim Investment beachten muss. Dabei werden nicht nur Immobi‐
lienanlagen als Teil eines gemischten Portfolios thematisiert, sondern ebenso die aktuellen Heraus‐
forderungen und Strategien im Management grosser Immobilien‐Portfolios mit den daraus für die Investoren entstehenden Chancen und Risiken. Ziel des Kurses ist es, die Teilnehmenden in die Besonderheiten von Immobilieninvestitionen und Immobilienmärkten einzuführen. Es werden die Bausteine zur Analyse von Investitionen und Finan‐
zierungen im Immobilienbereich sowie die Konzepte zum Management von Immobilienportfolios vermittelt. Organisation: Die Lehrveranstaltung «Real Estate Investments» wird von Prof. Dr. Pascal Gantenbein auf der Masterstufe angeboten und ist auf die erste Semesterhälfte konzentriert. Es gibt somit in jeder der 7 Semesterwochen der ersten Semesterhälfte 4 Stunden Präsenzveranstaltung. Struktur: Der Kurs ist wie folgt aufgebaut: In einem ersten Teil werden die Besonderheiten von Im‐
mobilien und Immobilienmärkten sowie die Preisdeterminanten, die Bewertung und Bilanzierung behandelt. Im zweiten Teil wird das Spektrum an Anlageformen, mit denen sich die Investoren am Immobilien‐
markt beteiligen können, auf indirekte Immobilienanlagen ausgeweitet. Hier geht es um die Charak‐
teristika indirekter Anlageformen wie Immobilienfonds, Immobiliengesellschaften und REITs im Ver‐
gleich zu Direktanlagen sowie um die Strukturen und Funktionen indirekter Immobilienanlagevehikel. 1
Der dritte Teil setzt bei den verschiedenen Investoren‐Perspektiven an: Im Zentrum steht hier die Optimierung von Portfolios für Endinvestoren sowohl im kurzen wie im langen Horizont, dies sowohl mit Direktanlagen als auch mit indirekten Immobilienanlagen. Ebenso wird die Perspektive des Selbstnutzers angesprochen, in Form des Wohneigentümers einerseits sowie des Unternehmens mit Betriebsliegenschaften andererseits. Von zunehmend grösserer Bedeutung ist in dem Zusammen‐
hang auch die Thematik der internationalen Immobilienanlagen. Das Thema Stadtökonomie (Urban Economics) wird im vierten Teil des Kurses behandelt. Hier geht es zum einen um die Entwicklung eines grundlegenden Verständnisses für die räumlich‐ökonomischen Strukturen von Städten. Zum andern werden die Immobilienwerte in Abhängigkeit von räumlichen Faktoren und damit die relevanten Aspekte für Anleger in Bezug auf städtische und periphere Liegen‐
schaften diskutiert. Die Corporate Finance von Immobilien‐Gesellschaften steht im Zentrum des fünften Kursteils. Hier geht es insbesondere um Fragen der Finanzierung, des Investitionsverhaltens sowie der Performan‐
cetreiber von gelisteten und nicht gelisteten Immobilien‐Gesellschaften. Der sechste Teil schliesslich widmet sich speziellen Topics aus dem Immobilien‐Research, insbeson‐
dere dem langfristigen Strukturwandel, der Zyklizität von Immobilienpreisen sowie der Verbindung zwischen Immobilien‐ und Hypothekarmärkten. II. Struktur Präsenzveranstaltungen im Frühjahrssemester 2013: Grundsätzlich finden die Veranstaltun‐
gen am Dienstag jeweils von 16–20 Uhr statt (DI, 26.02. ‐ 09.04.2013). Datum Inhalt der Vorlesung Teil I: Einführung/Immobilien und Immobilienmärkte DI, 26.02.2013 Topics: Einführung in die Veranstaltung, Immobilienmärkte, Zyklizität und Preisdeterminanten, Bewertung und Bilanzierung ( BF 7, 9, 10) Kurzpräsentationen (12.03.2013): Fundamentale Werttreiber:
I/1.
Fundamentalfaktoren und Immobilienpreise (Jian Zhou: Testing for Cointegration be‐
tween Housing Prices and Economic Fundamentals. Real Estate Economics, Vol. 38, No. 4, 2010, pp. 599‐632).
I/2.
Zur Preiselastizität des Immobilienangebots (Arthur Grimes, Andrew Aitken: Housing Supply, Land Costs and Price Adjustment. Real Estate Economics, Vol. 38, No. 2, 2010, pp. 325‐353).
I/3.
Institutionelle Rahmenbedingungen von Immobilienmärkten (Éamonn D’Arcy: The evo‐
lution of institutional arrangements to support the internationalisation of real estate in‐
volvements. Journal of European Real Estate Research, Vol. 2, No. 3, 2009, pp. 280‐293).
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I/4.
Diskontierungssatz für Immobilien (Norman Hutchison, Patricia Fraser, Alastair Adair, Rahul Srivatsa: The risk free rate of return in UK property pricing. Journal of European Real Estate Research, Vol. 4, No. 3, 2011, pp. 165‐184).
I/5.
Zur Kointegration von Immobilienpreisen, Mieten und Zinsen (Song Shi: Mortgage Inter‐
est Rates, Rents, and Local House Price Movements in New Zealand. Journal of Real Es‐
tate Portfolio Management, Vol. 17, No. 1, Jan‐Apr 2011, pp. 53‐68).
I/6.
Immobilienpreise und Wirtschaftswachstum (Norman Miller, Liang Peng, Michael Sklarz: House Prices and Economic Growth. Journal of Real Estate Finance and Economics, Vol. 42, 2011, 522‐541).
I/7.
Kapitalisierungssätze und Immobilienwerte in UK (Patric H. Hendershott, Bryan D. Mac‐
Gregor: Investor Rationality: Evidence from U.K. Property Capitalization Rates. Real Es‐
tate Economics, Vol. 33, No. 2, 2005, pp. 299‐322).
I/8.
Werttreiber bei Büroimmobilien (Björn‐Martin Kurzrock, Nico B. Rottke, Dirk Schiereck: Factors that Influence the Performance of Office Properties. Journal of Real Estate Port‐
folio Management, Vol. 15, No. 1, 2009, pp. 59‐73).
I/9.
Bewertungsfaktoren bei kommerziellen Immobilien (Jim Clayton, David C. Ling, Andy Na‐
ranjo: Commercial Real Estate Valuation: Fundamentals Versus Investor Sentiment. Journal of Real Estate Finance and Economics, Vol. 38, 2009, pp. 5‐37).
I/10. Wohnungspreise und Einkommensentwicklung (Joshua Gallin: The Long‐Run Relation‐
ship between House Prices and Income: Evidence from Local Housing Markets. Real Es‐
tate Economics, Vol. 34, No. 3, 2006, pp. 417‐438).
I/11. Politische Instabilität und Hauspreise (Yong Tu, Helen X.H. Bao: Property Rights and Housing Value: The Impacts of Political Instability. Real Estate Economics, Vol. 37, No. 2, 2009, pp. 235‐257).
I/12. Eine Prämie für Küstennähe? (Stephen J. Conroy, Jennifer L. Milosch: An Estimation of the Coastal Premium for Residential Housing Prices in San Diego County. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 211‐228).
I/13. Zur Effizienz von Immobilienmärkten (Neil Dunse, Colin Jones, Michael White: Valuation accuracy and spatial variations in the efficiency of the property market. Journal of Euro‐
pean Real Estate Research, Vol. 3, No. 1, 2010, pp. 24‐45).
I/14. Geldillusion und Immobilienpreise (Lucy F. Ackert, Bryan K. Church, Narayanan Jayara‐
man: Is There a Link Between Money Illusion and Homeowners’ Expectations of Housing Prices?. Real Estate Economics, Vol. 39, No. 2, 2011, pp. 251‐275).
I/15. Immobilienbewertung nach der Finanzkrise (Neil Crosby, Cathy Hughes: The basis of val‐
uations for secured commercial property lending in the UK. Journal of European Real Es‐
tate Research, Vol. 4, No. 3, 2011, pp. 225‐242).
I/16. Demographie und Asset‐Preise (Marcel Marekwica, Raimond Maurer, Steffen P. Sebas‐
tian: Asse Meltdown – Fact or Fiction? Journal of Real Estate Portfolio Management, Vol. 17, No. 1, Jan‐Apr 2011, pp. 27‐38).
I/17. Bezahlungsbereitschaft unterschiedlicher Käufer (Keith Ihlanfeldt, Tom Mayock: Infor‐
mation, Search, and House Prices: Revisited. Journal of Real Estate Finance and Econo‐
mics, Vol. 44, 2012, pp. 90‐115).
I/18. Vorvertragsregelungen im Immobilienverkauf (Su Han Chan, Ko Wang, Jing Yang: Pre‐
sale Contract and its Embedded Default and Abandonment Options. Journal of Real Es‐
tate Finance and Economics, Vol. 44, 2012, pp. 116‐152).
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Rendite‐Risiko‐Eigenschaften:
I/19. Investorreturns vs. Anlagereturns (Stephen Lee: The performance gap in UK property re‐
turns. Journal of European Real Estate Research, Vol. 5, No. 2, 2012, pp. 121‐134).
I/20. Defizite von IRR bei Immobilieninvestitionen (Dean Altshuler, Carlo Alberto Magni: Why IRR is not the Rate of Return for Your Investment: Introducing AIRR to the Real Estate Community. Journal of Real Estate Portfolio Management, Vol. 18, No. 2, May‐Aug 2012, pp. 219‐230).
I/21. Downside‐Risiken im Wohnungsmarkt (Changha Jin, Alan J. Ziobrowski: Using Value‐at‐
Risk to Estimate Downside Residential Market Risk. Journal of Real Estate Research, Vol. 33, No. 3, 2011, pp. 389‐413).
I/22. Inflationshedging durch Immobilien am Beispiel von Kanada (Cécile Le Moigne, Éric Vi‐
veiros: Private Real Estate as an Inflation Hedge: An Updated Look with a Global Per‐
spective. Journal of Real Estate Portfolio Management, Vol. 14, No. 4, 2008, pp. 263‐
285).
I/23. Inflationsheding mit Immobilien in Korea (Yun W. Park, Doo Won Bang: Direct Commer‐
cial Real Estate as an Inflation Hedge: Korean Evidence. Journal of Real Estate Portfolio Management, Vol. 18, No. 2, May‐Aug 2012, pp. 187‐203).
I/24. Risikoprämien und Renditen von Immobilien (James D. Shilling: Is There a Risk Premium Puzzle in Real Estate? Real Estate Economics, Vol. 31, No. 4, 2003, pp. 501‐525).
I/25. Langfristige Preisentwicklung und Schwankungen bei kommerziellen Immobilien am Bei‐
spiel Manhattans (William C. Wheaton, Mark S. Baranski, Cesarina A. Templeton: 100 Years of Commercial Real Estate Prices in Manhattan. Real Estate Economics, Vol. 37, No. 1, 2009, pp. 69‐83).
I/26. Unterschiede in der Preisentwicklung von Immobilien innerhalb eines Marktes (Steven C. Bourassa, Donald R. Haurin, Jessica L. Haurin, Martin Hoesli, Jian Sun: House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics. Real Estate Eco‐
nomics, Vol. 37, No. 2, 2009, pp. 259‐278).
I/27. Real Estate Risk Premium Puzzle (Zhenguo Lin, Yingchun Liu: Real Estate Returns and Risk with Heterogeneous Investors. Real Estate Economics, Vol. 36, No. 4, 2008, pp. 753‐
776).
I/28. Renditeverteilungen in Deutschland (Johannes Richter, Matthias Thomas, Roland Füss: German Real Estate Return Distributions: Is There Anything Normal? Journal of Real Es‐
tate Portfolio Management, Vol. 17, No. 2, May‐Aug 2011, pp. 161‐179).
I/29. Renditeverteilungen von Immobilienanlagen (Michael S. Young: Revisiting Non‐normal Real Estate Return Distributions by Property Type in the U.S.. Journal of Real Estate Fi‐
nance and Economics, Vol. 36, 2008, pp. 233‐248).
I/30. Preisreaktionen verschiedener Immobilientypen auf makroökonomische Schocks (Kuang‐Liang Chang, Nan‐Kuang Chen, Charles Ka Yui Leung: Monetary Policy, Term Structure and Asset Return: Comparing REIT, Housing and Stock. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 221‐257).
I/31. Bewertung von Seniorenwohnungen (Jonathan A. Wiley, David Wyman: Key Factors Af‐
fecting Valuation for Senior Apartments. Journal of Real Estate Research, Vol. 34, No. 2, 2012, pp. 183‐209).
I/32. Stukturierung von Wohngebieten und Immobilienpreise (Woo‐Jin Shin, Jesse Saginor, Shannon Van Zandt: Evaluating Subdivisio n Characteristics on Single‐Family Housing 4
Value Using Hierarchical Linear Modeling. Journal of Real Estate Research, Vol. 33, No. 3, 2011, pp. 317‐348).
I/33. Namensprämien auf Immobilienpreisen (Velma Zahirovic‐Herbert, Swarn Chatterjee: What is the Value of a Name? Conspicuous Consumption and House Prices. Journal of Real Estate Research, Vol. 33, No. 1, 2011, pp. 105‐125).
I/34. Der Einfluss des Alters bei historischen Gebäuden (Kimberly Winson‐Geideman, Dawn Jourdan, Shan Gao: The Impact of Age on the Value of Historic Homes in a Nationally Recognized Historic District. Journal of Real Estate Research, Vol. 33, No. 1, 2011, pp. 25‐
47).
I/35. Der Wert der Aussicht (Robert Wallner: GIS Measures of Residential Property Views. Journal of Real Estate Literature, Vol. 20, No. 2, 2012, pp. 225‐244).
Immobilien‐Indices:
I/36. Case‐Shiller‐Index und Schätzung von Hauspreisen (Eliezer Z. Prisman: A Dual Interpreta‐
tion of the Case‐Shiller Index and its Implications to Home Appraisals. Journal of Real Es‐
tate Portfolio Management, Vol. 18, No. 2, May‐Aug 2012, pp. 205‐217).
I/37. Smoothing und Effizienz von Immobilienmärkten (Neil Dunse, Colin Jones, Michael White: Valuation accuracy and spatial variations in the efficiency of the property market. Journal of European Real Estate Research, Vol. 3, No. 1, 2010, pp. 24‐45).
I/38. Smoothing durch Schätzpreise (Ping Cheng, Zhenguo Lin, and Yingchun Liu: Heterogene‐
ous Information and Appraisal Smoothing. Journal of Real Estate Research, Vol. 33, No. 4, 2011, pp. 443‐469).
I/39. Indexkonstruktion für indirekte Immobilienanlagen (Camilo Serrano, Martin Hoesli: Global Securitized Real Estate Benchmarks and Performance. Journal of Real Estate Port‐
folio Management, Vol. 15, No. 1, 2009, pp. 1‐19).
I/40. Raum‐zeitliche Einflüsse bei der Indexkonstruktion (Ingrid Nappi‐Choulet, Tristan‐Pierre Maury: A Spatiotemporal Autoregressive Price Index for the Paris Office Property Mar‐
ket. Real Estate Economics, Vol. 37, No. 2, 2009, pp. 305‐340).
I/41. NOI und NCREIF Indices (Patric H. Hendershott, Bryan D. MacGregor: Investor Rational‐
ity: An Analysis of NCREIF Commercial Property Data. Journal of Real Estate Research, Vol. 27, No. 4, 2005, pp. 445‐475).
I/42. Preisentwicklung in gelisteten und nicht gelisteten Immobilienmärkten (Abdullah Yavas, Yildiray Yildirim: Price Discovery in Real Estate Markets: A Dynamic Analysis. Journal of Real Estate Finance and Economics, Vol. 42, 2011, 1‐29).
Behavioral Real Estate Economics:
I/43. Investor Sentiment und Prognose von Immobilienreturns (Sotiris Tsolacos: The role of sentiment indicators for real estate market forecasting. Journal of European Real Estate Research, Vol. 5, No. 2, 2012, pp. 109‐120).
I/44. Herdenverhalten am Immobilienmarkt (Christian Hott: The influence of herding beha‐
viour on house prices. Journal of European Real Estate Research, Vol. 5, No. 3, 2012, pp. 177‐198).
I/45. Behaviorale Aspekte bei der Bewertung kommerzieller Immobilien (Sheharyar Bokhari, David Geltner: Loss Aversion and Anchoring in Commercial Real Estate Pricing: Empirical 5
Evidence and Price Index Implications. Real Estate Economics, Vol. 39, No. 4, 2011, pp. 635‐670).
I/46. Preis‐Extrapolation der Immobilieninvestoren (William N. Goetzmann, Liang Peng, Jac‐
queline Yen: The Subprime Crisis and House Price Appreciation. Journal of Real Estate Finance and Economics, Vol. 44, 2012, pp. 36‐66).
I/47. Momentum und Autokorrelation im Wohnungsmarkt (Eli Beracha, Hilla Skiba: Momen‐
tum in Residential Real Estate. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 299‐320).
I/48. Information und Bieterverhalten (Maurice K. S. Tse, Frederik I. H. Pretorius, K. W. Chau: Market Sentiments, Winner’s Curse and Bidding Outcome in Land Auctions. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 247‐274).
Green Building:
I/49. Öko‐Zertifizierung und Immobilienpreise (Franz Fuerst, Patrick McAllister: Green Noise or Green Value? Measuring the Effects of Environmental Certification on Office Values. Real Estate Economics, Vol. 39, No. 1, 2011, pp. 45‐69).
I/50. Kosten und Nutzen von Green Building (Agnieszka Zalejska‐Jonsson, Hans Lind, Staffan Hintze: Low‐energy versus conventional residential buildings: cost and profit. Journal of European Real Estate Research, Vol. 5, No. 3, 2012, pp. 211‐228).
I/51. Sustainability‐Konzepte von Immobiliengesellschaften (Marcelo Cajias, Peter Geiger, Sven Bienert: Green agenda and green performance: empirical evidence for real estate companies. Journal of European Real Estate Research, Vol. 5, No. 2, 2012, pp. 135‐155).
I/52. Smart Homes (Erfaneh Allameh, Mohammadali Heidari Jozam, Bauke de Vries, Harry Timmermans, Jakob Beetz, Farhang Mozaffar: The role of Smart Home in Smart Real Es‐
tate. Journal of European Real Estate Research, Vol. 5, No. 2, 2012, pp. 156‐170).
I/53. Sustainability bei kommerziellen Liegenschaften (Louise Ellison, Patrick Brown: Sustaina‐
bility metrics for commercial real estate assets ‐ establishing a common approach. Jour‐
nal of European Real Estate Research, Vol. 4, No. 2, 2011, pp. 113‐130).
I/54. Sustainability im Office‐Bereich und Nutzer (Jorn van de Wetering, Peter Wyatt: Office sustainability: occupier perceptions and implementation of policy. Journal of European Real Estate Research, Vol. 4, No. 1, 2011, pp. 29‐47).
I/55. Ökolabel und Preise im Büromarkt (Sofia Dermisi, John McDonald: Effect of „Green“ (LEED and ENERGY STAR) Designation on Prices/sf and Transaction Frequency: The Chi‐
cago Office Market. Journal of Real Estate Portfolio Management, Vol. 17, No. 1, Jan‐Apr 2011, pp. 39‐52).
I/56. Der Wert “grüner” Gebäude (Ramya R. Aroul, J. Andrew Hansz: The Value of ‘‘Green:’’ Evidence from the First Mandatory Residential Green Building Program. Journal of Real Estate Research, Vol. 34, No. 1, 2012, pp. 26‐49).
I/57. Ökozertifikate bei Immobilien und Mietpreise (Alexander Reichardt, Franz Fuerst,Nico B. Rottke, Joachim Zietz: Sustainable Building Certification and the Rent Premium: A Panel Data Approach. Journal of Real Estate Research, Vol. 34, No. 1, 2012, pp. 99‐126).
I/58. Die Transformation hin zu ökologisch nachhaltigen Innenstädten (Sara Wilkinson: Adap‐
tation patterns in premium office buildings over time in the Melbourne CBD. Journal of Corporate Real Estate, Vol. 14, No. 3, 2012, pp. 157‐170).
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Immobilien‐Derivate:
I/59. Bewertung von Immobilienderivaten (Juerg M. Syz, Paolo Vanini: Arbitrage Free Price Bounds for Property Derivatives. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 281‐298).
I/60. ETF Short Shares auf REITs (Michael J. Seiler, Vicky L. Seiler: ETF Short Shares: The Next Stage in the Evolution of REIT Ownership. Journal of Real Estate Portfolio Management, Vol. 15, No. 1, 2009, pp. 21‐31).
I/61. Housing Futures (G. Donald Jud, Daniel T. Winkler: The Housing Futures Market. Journal of Real Estate Literature, Vol. 17, No. 2, 2009, pp. 181‐203).
Tenure Choice:
I/62. Marktkonditionen und Besitzeswahl (Thomas P. Boehm, Alan Schlottmann: Market Con‐
ditions and Housing Choices: A Comparison of Homeownership Across Three Decades. Real Estate Economics, Vol. 39, No. 3, 2011, pp. 547‐600).
I/63. Gibt es eine Prämie für Wohnungseigentum? (Khalid Sekkat, Ariane Szafarz: Valuing Homeownership. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 491‐
504).
I/64. Tenure Choice im Ländervergleich (Kath Hulse, Colin Jones, Hal Pawson: Tenurial "com‐
petition", tenure dynamics and the private rented sector: An international reappraisal. Journal of European Real Estate Research, Vol. 3, No. 2, 2010, pp. 138‐156).
I/65. Besitzeswahl und Hypothekarkontrakt (Elaine Fortowsky, Michael LaCour‐Little, Eric Ro‐
senblatt, Vincent Yao: Housing Tenure and Mortgage Choice. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 162‐180).
Spezielle Bewertungsthemen:
I/66. Institutionelle Immobilienmärkte (Paul Fiorilla, Manidipa Kapas, Youguo Liang: An Insti‐
tutional View of Global Real Estate Markets. Journal of Real Estate Portfolio Manage‐
ment, Vol. 18, No. 1, Jan‐Apr 2012, pp. 123‐133).
I/67. Dynamik der Hauspreisentwicklungen infolge von Verkäufen (Norman G. Miller, Liang Peng, Michael A. Sklarz: The Economic Impact of Anticipated House Price Changes—
Evidence from Home Sales. Real Estate Economics, Vol. 39, No. 2, 2011, pp. 345‐378).
I/68. Zum öffentlichen Nutzen von Immobilienschätzern (David H. Downs, Z. Nuray Güner: In‐
formation Producers and Valuation: Evidence from Real Estate Markets. Journal of Real Estate Finance and Economics, Vol. 44, 2012, pp. 167‐183).
I/69. Quantitative Methoden zur Simulation von Immobilienpreisen (Jozef Zurada, Alan S. Le‐
vitan, Jian Guan: A Comparison of Regression and Artificial Intelligenc e Methods in a Mass Appraisal Context. Journal of Real Estate Research, Vol. 33, No. 3, 2011, pp. 349‐
387).
I/70. Methoden zur Schätzung kommerzieller Liegenschaften in spezifischen Gebieten (Jose M. Montero, Beatriz Larraz: Interpolation Methods for Geographical Data: Housing and Commercial Establishment Markets. Journal of Real Estate Research, Vol. 33, No. 2, 2011, pp. 233‐244).
I/71. Charakteristika globaler Immobilienmärkte (Nick Tyrrell, Tim Jowett: Risks, Returns, and Correlations for Global Private Real Estate Markets. Journal of Real Estate Portfolio Management, Vol. 14, No. 4, 2008, pp. 335‐350).
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I/72. Leerstand und Häuserpreise (Geoffrey K. Turnbull, Velma Zahirovic‐Herbert: Why Do Va‐
cant Houses Sell for Less: Holding Costs, Bargaining Power or Stigma? Real Estate Eco‐
nomics, Vol. 39, No. 1, 2011, pp. 19‐43).
I/73. Immobilienpräsentation und Verkaufserfolg (Justin D. Benefield, Christopher L. Cain, Ken H. Johnson: On the Relationship Between Property Price, Time‐on‐Market, and Photo Depictions in a Multiple Listing Service. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 401‐422).
I/74. Time‐on‐Market (Eddie C.M. Hui, Joe T.Y. Wong, K.T. Wong: Marketing Time and Pricing Strategies. Journal of Real Estate Research, Vol. 34, No. 3, 2012, pp. 375‐398).
I/75. Limited Service Listings (Justin D. Benefield, Mark K. Pyles, and Anne Gleason: Sale Price, Marketing Time, and Limited Service Listings: The Influence of Home Value and Market Conditions. Journal of Real Estate Research, Vol. 33, No. 4, 2011, pp. 531‐563).
I/76. Natürliche Leerstandsraten (Daniel A. Hagen, Julia L. Hansen: Rental Housing and the Natural Vacancy Rate. Journal of Real Estate Research, Vol. 32, No. 4, 2010, pp. 413‐
433).
I/77. Immobilien Käuferverhalten im Online‐Bereich (Michael J. Seiler, Poornima Madhavan, Molly Liechty: Toward an Understanding of Real Estate Homebuyer Internet Search Be‐
havior: An Application of Ocular Tracking Technology. Journal of Real Estate Research, Vol. 34, No. 2, 2012, pp. 211‐241).
I/78. Google Econometrics (Ralf Hohenstatt, Manuel Käsbauer, Wolfgang Schäfers: ‘‘Geco’’ and its Potential for Real Estate Research: Evidence from the U.S. Housing Market. Jour‐
nal of Real Estate Research, Vol. 33, No. 4, 2011, pp. 471‐506).
I/79. Zur Renditeschätzung und ‐verteilung von Immobilien (Michael S. Young, Roger J. Brown: Real Estate Return Distributions Using Maximum Likelihood Estimation: New Technolo‐
gy, New Results. Journal of Real Estate Portfolio Management, Vol. 18, No. 1, Jan‐Apr 2012, pp. 23‐41).
I/80. Volatilitätsfaktoren in der langfristigen Immobilienpreis‐Entwicklung (William Miles: Long‐Range Dependence in U.S. Home Price Volatility. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 329‐347).
I/81. Risiken und Renditebeiträge durch Immobilien (Ronald W. Kaiser, Jim Clayton: Assessing and Managing Risk in Institutional Real Estate Investing. Journal of Real Estate Portfolio Management, Vol. 14, No. 4, 2008, pp. 287‐306).
I/82. Immobilienrenditen in der langen Frist (Gregory H. MacKinnon, Ashraf Al Zaman: Real Estate for the Long Term: The Effect of Return Predictability on Long‐Horizon Alloca‐
tions. Real Estate Economics, Vol. 37, No. 1, 2009, pp. 117‐153).
I/83. Benchmarking und Entwertung von Büroliegenschaften im Zeitverlauf (Neil Crosby, Ste‐
ven Devaney, Vicki Law: Benchmarking and valuation issues in measuring depreciation for European office markets. Journal of European Real Estate Research, Vol. 4, No. 1, 2011, pp. 7‐28).
I/84. Zur Preisdynamik kommerzieller Immobilienmärkte (Steven H. Ott, Timothy J. Riddiough, Ha‐Chin Yi, Jiro Yoshida: On Demand: Cross‐Country Evidence From Commercial Real Es‐
tate Asset Markets. International Real Estate Review, Vol. 11, No. 1, 2008, pp. 1‐37).
I/85. Preisrelevanz von Nutzungsclustern (Maarten G.J. Jennen, Dirk Brounen: The Effect of Clustering on Office Rents: Evidence from the Amsterdam Market. Real Estate Econom‐
ics, Vol. 37, No. 2, 2009, pp. 185‐208).
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I/86. Preissensitivität von Immobilien auf Kapitalmarktfaktoren (Christopher W. Anderson, Eli Beracha: Home Price Sensitivity to Capital Market Factors: Analysis of ZIP Code Data. Journal of Real Estate Research, Vol. 32, No. 2, 2010, pp. 161‐185).
I/87. Kapitalflüsse und Immobilienrenditen (Jeffrey Fisher, David C. Ling, Andy Naranjo: Insti‐
tutional Capital Flows and Return Dynamics in Private Commercial Real Estate Markets. Real Estate Economics, Vol. 37, No. 1, 2009, pp. 85‐116).
I/88. Investitionsentscheidung im Development (Elizabeth Atherton, Nick French, Laura Ga‐
brielli: Decision theory and real estate development: a note on uncertainty. Journal of European Real Estate Research, Vol. 1, No. 2, 2008, pp. 162‐182).
I/89. Kriterien der Investitionsentscheidung auf Basis von Rendite‐Risiko‐Kennziffern (Willem G. Keeris, Ruben A.R. Langbroek: Return / risk profile focused ratios for property invest‐
ments. Journal of European Real Estate Research, Vol. 2, No. 1, 2009, pp. 6‐17).
I/90. Stockwerkausbau als Ausübung einer Realoption (Anthony Guma, Jason Pearson, Kate Wittels, Richard de Neufville, David Geltner: Vertical phasing as a corporate real estate strategy and development option. Journal of Corporate Real Estate, Vol. 11, No. 3, 2009, pp. 144‐157).
I/91. Prognosen von Immobilienpreisen mittels quantitativer Methoden (Steven C. Bourassa, Eva Cantoni, Martin Hoesli: Predicting House Prices with Spatial Dependence: A Compar‐
ison of Alternative Methods. Journal of Real Estate Research, Vol. 32, No. 2, 2010, pp. 139‐159).
I/92. Holzmarkt und Bauaktivität (Sherwood Clements, Alan J. Ziobrowski, Mark Holder: Lumber Futures and Timberland Investment. Journal of Real Estate Research, Vol. 33, No. 2, 2011, pp. 245‐277).
Teil II: Indirekte Immobilienanlagen DI, 05.03.2013 Topics: Charakteristika, Struktur und Funktion indirekter Immobilienanlagen, REITs, strukturierte Immobilienprodukte ( BF 18) Kurzpräsentationen (12.03.2013): Basismärkte und Märkte für indirekte Immobilienanlagen:
II/1. Zur Beziehung direkter und indirekter Immobilienanlagen (K.W. Chau, K.G. McKinnell, S.K. Wong, Q. Wei, Graeme Newell: Impact of Corporate Governance Structures on the Relationship between Direct and Indirect Real Estate in China. Journal of Real Estate Portfolio Management, Vol. 16, No. 1, 2010, pp. 9‐19).
II/2. 50 Jahre REITs – ein Ländervergleich (Dirk Brounen, Sjoerd de Koning: 50 Years of Real Estate Investment Trusts: An International Examination of the Rise and Performance of REITs. Journal of Real Estate Literature, Vol. 20, No. 2, 2012, pp. 197‐223).
II/3. Entwicklung von REITs nach 2000 (A.M. Parhizgari, Ivelina Pavlova: The boom and the lean times in global REITs: the 2000‐2008 period. Journal of European Real Estate Re‐
search, Vol. 3, No. 2, 2010, pp. 81‐95).
II/4. Performance‐Masse in der “New REIT Era” (Zhilan Feng, S. McKay Price, C.F. Sirmans: An Overview of Equity Real Estate Investment Trusts (REITs): 1993‐2009. Journal of Real Es‐
tate Literature, Vol. 19, No. 2, 2011, pp. 307‐343).
9
II/5. Die Veärnderungen in der REIT‐Industrie seit 1993 (Benjamas Jirasukuldech, Riza Emek‐
ter: Nonlinear Dynamics and Chaos Behaviors in the REIT Industry: A Pre‐ and Post‐1993 Comparison. Journal of Real Estate Portfolio Management, Vol. 18, No. 1, Jan‐Apr 2012, pp. 57‐77).
II/6. Equity REITs und deren Beziehung zu anderen Marktsegmenten (Zhixin Kang, Dongseok Choi: How is the Equity REIT Sector Related to Other Major Equity Sectors in the Pres‐
ence of Abnormal Returns and Volatilities? A Tail Effect Study. Journal of Real Estate Portfolio Management, Vol. 17, No. 2, May‐Aug 2011, pp. 89‐111).
II/7. Zur Parallelität der Kursbewegungen von REITs in unterschiedlichen Märkten (Christo‐
pher W. Anderson, Eli Beracha: Local Comovement in REIT Returns: Implications for Port‐
folio Performance. Journal of Real Estate Portfolio Management, Vol. 17, No. 2, May‐Aug 2011, pp. 113‐125).
II/8. Zur Synchronität von REIT‐Kursen (Richard Chung, Scott Fung, James D. Shilling, Tammie X. Simmons‐Mosley: What Determines Stock Price Synchronicity in REITs? Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 73‐98).
II/9. Zur Beziehung von Kursen von Immobilienvehikeln, Aktienmärkten und makroökono‐
mischen Einflussfaktoren (Nafeesa Yunus: Modeling Relationships among Securitized Property Markets, Stock Markets, and Macroec onomic Variables. Journal of Real Estate Research, Vol. 34, No. 2, 2012, pp. 127‐156).
II/10. Beziehung zwischen Immobilienmärkten und Immobilienvehikeln (Elias Oikarinen, Mar‐
tin Hoesli, Camilo Serrano: The Long‐Run Dynamics between Direct and Securitized Real Estate. Journal of Real Estate Research, Vol. 33, No. 1, 2011, pp. 73‐103).
II/11. Geldpolitik und Kurse von Immobilienvehikeln im Ländervergleich (Pisun Xu, Jian Yang: U.S. Monetary Policy Surprises and International Securitized Real Estate Markets. Jour‐
nal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 459‐490).
II/12. Zur Markteffizienz von gelisteten Immobilienvehikeln (Felix Schindler: Market Efficiency and Return Predictability in the Emerging Securitized Real Estate Markets. Journal of Real Estate Literature, Vol. 19, No. 1, 2011, pp. 111‐150).
II/13. Zur Prognostizierbarkeit von REIT‐Kursen mittels markoökonomischer Faktoren (Juan Cabrera, Tao Wang, and Jian Yang: Linear and Nonlinear Predictability of International Securitized Real Estate Returns: A Reality Check. Journal of Real Estate Research, Vol. 33, No. 4, 2011, pp. 565‐594).
II/14. Indirekte Immobilienanlagen in China (Kim Hiang Liow, Graeme Newell: Investment Dy‐
namics of the Greater China Securitized Real Estate Markets. Journal of Real Estate Re‐
search, Vol. 34, No. 3, 2012, pp. 399‐428).
II/15. REITs und Aktienmärkte (Kevin C.H. Chiang, Ming‐Long Lee, Craig H. Wisen: On the Time‐
Series Properties of Real Estate Investment Trust Betas. Real Estate Economics, Vol. 33, No. 2, 2005, pp. 381‐396).
II/16. Korrelationen von REITs mit Finanzmärkten und Commodities (James Chong, Joëlle Mif‐
fre, Simon Stevenson: Conditional Correlations and Real Estate Investment Trusts. Jour‐
nal of Real Estate Portfolio Management, Vol. 15, No. 2, 2009, pp. 173‐184).
II/17. Preisbeziehung zwischen REITs und den jeweiligen Basis‐Immobilienmärkten (Kevin C.H. Chiang: On the Comovement of REIT Prices. Journal of Real Estate Research, Vol. 32, No. 2, 2010, pp. 187‐200).
II/18. Sensitivitäten von REITs und Real Estate Operating Companies (REOCs) (Natalya Del‐
coure, Ross Dickens: REIT and REOC Systematic Risk Sensitivity. Journal of Real Estate Re‐
search, Vol. 26, No. 3, 2004, pp. 237‐254).
10
Performance:
II/19. REITs – Immobilien oder Aktien? (Walter I. Boudry, N. Edward Coulson, Jarl G. Kallberg, Crocker H. Liu: On the Hybrid Nature of REITs. Journal of Real Estate Finance and Eco‐
nomics, Vol. 44, 2012, pp. 230‐249).
II/20. Private Equity Real Estate Funds (Ilkka Tomperi: Performance of private equity real es‐
tate funds. Journal of European Real Estate Research, Vol. 3, No. 2, 2010, pp. 96‐116).
II/21. REIT‐Performancemasse (Danny Ben‐Shahar, Eyal Sulganik, Desmond Tsang: Funds from Operations versus Net Income: Examining the Dividend Relevance of REIT Performance Measures. Journal of Real Estate Research, Vol. 33, No. 3, 2011, pp. 415‐441).
II/22. Performance deutscher Immobilienfonds (Björn‐Martin Kurzrock, Sebastian Gläsner, Elaine Wilke: Performance of open‐ended real estate funds in Germany: Are institutional investors better off than retail investors? Journal of European Real Estate Research, Vol. 2, No. 2, 2009, pp. 110‐131).
II/23. Performance‐Messung von Immobiliengesellschaften (Gianluca Marcato: Style Analysis in Real Estate Markets and the Construction of Value and Growth Indexes. Journal of Real Estate Portfolio Management, Vol. 10, No. 3, 2004, pp. 203‐215).
II/24. Performance von Immobilienfonds für institutionelle und private Investoren (Björn‐
Martin Kurzrock, Sebastian Gläsner, Elaine Wilke: Performance of open‐ended real es‐
tate funds in Germany. Journal of European Real Estate Research, Vol. 2, No. 2, 2009, pp. 110‐131).
II/25. Performanceattribution von Immobilienfonds (Andrew Baum, Kieran Farrelly: Sources of alpha and beta in property funds: a case study. Journal of European Real Estate Re‐
search. Vol. 2, No. 3, 2009, pp. 218‐234).
Risikoprämien:
II/26. Systematische Risikofaktoren in europäischen Immobilienaktien (Kai‐Magnus Schulte, Tobias Dechant, Wolfgang Schaefers: Systematic risk factors in European real estate equities. Journal of European Real Estate Research, Vol. 4, No. 3, 2011, pp. 185‐224).
II/27. Rendite und Volatilitäten von asiatischen REITs (Anh Khoi Pham: The Dynamics of Re‐
turns and Volatility in the Emerging and Developed Asian REIT Markets. Journal of Real Estate Literature, Vol. 20, No. 1, 2012, pp. 79‐96).
II/28. REIT‐Liquidität (William Bertin, Paul Kofman, David Michayluk, Laurie Prather: Intraday REIT Liquidity. Journal of Real Estate Research, Vol. 27, No. 2, 2005, pp. 155‐176).
II/29. Liquidität internationaler indirekter Immobilienanlagen (Dirk Brounen, Piet Eichholtz, David Ling: The Liquidity of Property Shares: An International Comparison. Real Estate Economics, Vol. 37, No. 3, 2009, pp. 413‐445).
II/30. Risikoprämien bei gelisteten Immobiliengesellschaften (Chyi Lin Lee, Jon Robinson, Ri‐
chard Reed: Downside Beta and the Cross‐sectional Determinants of Listed Property Trust Returns. Journal of Real Estate Portfolio Management, Vol. 14, No. 1, 2008, pp. 49‐
62).
II/31. Bewertung von Immobilienfonds (Giacomo Morri, Paolo Benedetto: Leverage and NAV discount: evidence from Italian real estate investment funds. Journal of European Real Estate Research, Vol., 2, No. 1, 2009, pp. 33‐55).
II/32. Markteffizienz und Handelsstrategien in internationalen Immobilienmärkten (Felix Schindler, Nico Rottke, Roland Füss: Testing the Predictability and Efficiency of Securi‐
11
tized Real Estate Markets. Journal of Real Estate Portfolio Management, Vol. 16, No. 2, 2010, pp. 171‐191).
II/33. Kointegration internationaler Märkte für indirekte Immobilienanlagen (Nafeesa Yunus: Increasing Convergence Between U.S. and International Securitized Property Markets: Evidence Based on Cointegration Tests. Real Estate Economics, Vol. 37, No. 3, 2009, pp. 383‐411).
II/34. Volatilitätsübertragung bei gelisteten Immobilienvehikeln (Kim Hiang Liow, Zhiwei Chen, Jingran Liu: Multiple Regimes and Volatility Transmission in Securitized Real Estate Mar‐
kets. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 295‐328).
II/35. Effekte von monetären Schocks auf REITs (Randy I. Anderson, Vaneesha Boney, and Ha‐
ny Guirguis: The Impact of Switching Regimes and Monetary Shocks: An Empirical Analy‐
sis of REITs. Journal of Real Estate Research, Vol. 34, No. 2, 2012, pp. 157‐181).
Teil III: Immobilien im Portfolio DI, 12.03.2013 Topics: Risk and Return, Immobilienanlagen im gemischten Portfolio, Wohn‐
immobilien im langen Horizont, Geschäftsimmobilien, internationale Immobi‐
lienmärkte ( BF 22) Kurzpräsentationen (19.03.2013): Diversifikation im gemischten Portfolio:
III/1. Grenzen der MPT im Kontext von Immobilien (Ping Cheng, Zhenguo Lin, Yingchun Liu, Yongmin Zhang: Has Real Estate Come of Age? Journal of Real Estate Portfolio Manage‐
ment, Vol. 17, No. 3, Sep‐Dec 2011, pp. 243‐254).
III/2. Illiquide Assets im Anlageprozess (Paul M. Anglin, Yanmin Gao: Integrating Illiquid Assets into the Portfolio Decision Process. Real Estate Economics, Vol. 39, No. 2, 2011, pp. 277‐
311).
III/3. Black‐Litterman versus MV (Charlotta Mankert, Michael J. Seiler: Behavioral Finance and its Implication in the use of the Black‐Litterman Model. Journal or Real Estate Portfolio Management, Vol. 18, No. 1, Jan‐Apr 2012, pp. 99‐121).
III/4. Black‐Litterman bei Immobilien (Charlotta Mankert, Michael J. Seiler: Mathematical De‐
rivations and Practical Implications for the Use of the Black‐Litterman Model. Journal or Real Estate Portfolio Management, Vol. 17, No. 2, May‐Aug 2011, pp. 139‐159).
III/5. Immobilien im Portfolio in verschiedenen Marktregimes (J. Sa‐Aadu, James Shilling, Ashish Tiwari: On the Portfolio Properties of Real Estate in Good Times and Bad Times. Real Estate Economics, Vol. 38, No. 3, 2010, pp. 529‐565).
III/6. Return im Mixed‐Asset Portfolio (Stephen L. Lee: The Return Due to Diversification of Real Estate in the U.S. Mixed‐Asset Portfolio. Journal of Real Estate Portfolio Manage‐
ment, Vol. 11, No. 1, 2005, pp. 19‐28).
III/7. Zeitabhängigkeit der Diversifikationseigenschaften von Immobilien (J. Sa‐Aadu, James Shilling, Ashish Tiwari: On the Portfolio Properties of Real Estate in Good Times and Bad Times. Real Estate Economics, Vol. 38, No. 3, 2010, pp. 529‐565).
III/8. Korrelationsdynamik bei Immobilienaktien (Kim Hiang Liow: Time series behavior of av‐
erage dynamic conditional correlations in European real estate securities markets: An 12
empirical exploration. Journal of European Real Estate Research, Vol. 4, No. 2, 2011, pp. 93‐113).
III/9. Risiko‐Rendite‐Effekte im Portfolio durch indirekte Immobilienanlagen (Ronald W. Kai‐
ser, Jim Clayton: Assessing and Managing Risk in Institutional Real Estate Investing. Jour‐
nal of Real Estate Portfolio Management, Vol. 14, No. 4, 2008, pp. 287‐306)
III/10. Portfolio‐Optimierung mittels CME Housing Futures (Cristian Voicu, Michael J. Seiler: Ca‐
librating the Inputs of Optimal Portfolios using CME Housing Futures. Journal of Real Es‐
tate Portfolio Management, Vol. 18, No. 2, May‐Aug 2012, pp. 231‐238).
Asset‐Liability‐Management:
III/11. Immobilien im ALM‐Framework (Dirk Brounen, Melissa Porras Prado, Marno Verbeek: Real Estate in an ALM Framework: The Case of Fair Value Accounting. Real Estate Eco‐
nomics, Vol. 38, No. 4, 2010, pp. 775‐804).
III/12. Der Einfluss von Autokorrelation auf Shortfall‐Risiken und ALM bei Immobilieninvesti‐
tionen (Mihnea Constantinescu: How important is that footnote on page 3?: Under‐
standing the effect of autocorrelation on the calculation of expected shortfall. Journal of European Real Estate Research, Vol. 4, No. 1, 2011, pp. 69‐88).
III/13. Pension Plans und Immobilien‐Allokation (Timothy M. Craft: How Funding Ratios Affect Pension Plan Portfolio Allocations. Journal of Real Estate Portfolio Management, Vol. 11, No. 1, 2005, pp. 29‐35).
III/14. Hypothekenwahl und Zinsrisikomanagement privater Haushalte (Otto van Hemert: Household Interest Rate Risk Management. Real Estate Economics, Vol. 38, No. 3, 2010, pp. 467‐505).
Internationale Diversifikation:
III/15. Währungen und internationale Immobilieninvestitionen (Changkyu Choi, Kyungsun Park: Does the euro increase FDI in the real estate industry? Evidence from the German case. Journal of European Real Estate Research, Vol. 5, No. 1, 2012, pp. 88‐100).
III/16. Integration der Immobilienmärkte in UK und den USA (Terry Grissom, Lay Cheng Lim, James DeLisle: Systematic risk pricing and investment performance of UK and US proper‐
ty markets. Journal of European Real Estate Research, Vol. 5, No. 1, 2012, pp. 66‐87).
III/17. Ansteckungseffekte in globalen indirekten Immobilienmärkten (Jian Zhou: Downside Risk Spillover among Global Real Estate Securities Markets. Journal of Real Estate Portfolio Management, Vol. 17, No. 3, pp. 255‐270).
III/18. Internationaler Vergleich der Länderattraktivität für Institutionelle Immobilieninvestitio‐
nen (Karsten Lieser, Alexander Peter Groh: The Attractiveness of 66 Countries for Institu‐
tional Real Estate Investments. Journal of Real Estate Portfolio Management, Vol. 17, No. 3, Sep‐Dec 2011, pp. 191‐211).
III/19. Internationale Immobilienrenditen in Abhängigkeit institutioneller Faktoren (Robert Edelstein, Wenlan Qian, Desmond Tsang: How Do Institutional Factors Affect Interna‐
tional Real Estate Returns? Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 130‐151).
III/20. Spezifika der Immobilienmärkte in China (Hongwei Wang, Ko Wang: What is Unique about Chinese Real Estate Markets? Journal of Real Estate Research, Vol. 34, No. 3, 2012, pp. 275‐289).
13
III/21. Diversifikation über Länder und Immobilientypen im reinen Immobilienportfolio (Stanley Mc Greal, Alastair Adair, James R. Webb: Optimal Diversification in U.S./U.K. Private Real Estate Only Portfolios: The Good, the Bad, and the Uncertain. Journal of Real Estate Portfolio Management, Vol. 15, No. 1, 2009, pp. 87‐93).
III/22. Diversifikation in internationalen Immobilienportfolios (Patrick J. Wilson, Simon Steven‐
son, Ralf Zurbruegg: Foreign Property Shocks and the Impact of the Domestic Securitized Real Estate Markets: An Unobserved Components Approach. Journal of Real Estate Fi‐
nance and Economics, Vol. 34, 2007, pp. 407‐424).
III/23. Portfoliobildung internationaler Immobilieninvestoren (Randy I. Anderson, Glenn R. Mueller, Xuejing Xing, Mathew Hurst: International Real Estate Portfolio Construction: Conditional and Unconditional Methods. Journal of Real Estate Portfolio Management, Vol. 16, No. 1, 2010, pp. 1‐8).
Immobilien im Unternehmensportfolio:
III/24. Aktienmarkt‐Bewertung von Unternehmen mit Immobilienportfolios (David C. Ling, An‐
dy Naranjo, Michael Ryngaert: Real Estate Ownership, Leasing Intensity, and Value: Do Stock Returns Reflect a Firm’s Real Estate Holdings? Journal of Real Estate Finance and Economics, Vol. 44, 2012, pp. 184‐202).
III/25. Zur ökonomischen Relevanz von Immobilienbeständen (Thomas A. Musil: Evaluating economic impacts of corporate real estate activities. Journal of Corporate Real Estate, Vol. 13, No. 3, 2012, pp. 181‐196).
III/26. Realoptionen in der Immobilienstrategie – Beispiel Spitäler (Maartje van Reedt Dortland, Hans Voordijk, Geert Dewulf: Towards a decision support tool for real estate manage‐
ment in the health sector using real options and scenario planning. Journal of Corporate Real Estate, Vol. 14, No. 3, 2012, pp. 140‐156).
III/27. Immobilienstrategien für Unternehmen (Linda Too, Michael Harvey, Eric Too: Globalisa‐
tion and corporate real estate strategies. Journal of Corporate Real Estate, Vol. 12, No. 4, 2010, pp. 234‐248).
III/28. Immobilien als Wertkomponente von Unternehmen (Kim Hiang Liow: Is real estate an important factor in corporate valuation? Evidence from listed real estate firms. Journal of Corporate Real Estate, Vol. 12, No. 4, 2010, pp. 249‐278).
III/29. Immobilien im Unternehmensportfolio ― Ein Faktor für Unternehmensübernahmen? (Dirk Brounen, Mathijs van Dijk, and Piet Eichholtz: Corporate Real Estate and Corporate Takeovers: International Evidence. Journal of Real Estate Research, Vol. 30, No. 3, 2008, pp. 293‐313).
III/30. Strategischer Wert von Corporate Real Estate (Michael Jordan, Thomas McCarty, Brian Velo: Performance measurement in corporate real estate. Journal of Corporate Real Es‐
tate, Vol. 11, No. 2, 2009, pp. 106‐114).
III/31. Wertbeitrag von Corporate Real Estate (Ingrid Nappi‐Choulet, Franck Missonier‐Piera, Marion Cancel: Value creation and the impact of corporate real estate assets – An em‐
pirical investigation with French listed companies. Journal of Corporate Real Estate, Vol. 11, No. 2, 2009, pp. 78‐90).
14
Immobilien‐Anlagestrategien:
III/32. Benchmark‐Selektion für REIT‐Investments (Jay C. Hartzell, Tobias Mühlhofer, Sheridan D. Titman: Alternative Benchmarks for Evaluating Mutual Fund Performance. Real Estate Economics, Vol. 38, No. 1, 2010, pp. 121‐154).
III/33. Short‐Selling von REITs (Benjamin M. Blau, Matthew D. Hill, Hao Wang: REIT Short Sales and Return Predictability. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 481‐503).
III/34. Value Added Investing (Brenna O’Roarty: European value added investing: leveraging structural and cyclical real estate opportunities. Journal of European Real Estate Re‐
search, Vol. 2, No. 2, 2009, pp. 79‐104).
III/35. Real Estate Opportunity Funds (Thea C. Hahn, David Geltner, Nori Gerardo‐Lietz: Real Es‐
tate Opportunity Funds. Journal of Portfolio Management, Special Issue 2005, pp. 143‐
153).
III/36. REITs im Mixed‐Asset Portfolio (Stephen Lee, Simon Stevenson: The Case for REITs in the Mixed‐Asset Portfolio in the Short and Long Run. Journal of Real Estate Portfolio Man‐
agement, Vol. 11, No. 1, 2005, pp. 55‐80).
III/37. Aktive Anlagestrategien in gelistete Immobilienvehikel (Glenn R. Mueller, Vaneesha Boney, Andrew G. Mueller: International Real Estate Volatility: A Tactical Investment Strategy. Journal of Real Estate Portfolio Management, Vol. 14, Vol. 4, 2008, pp. 415‐
423).
III/38. Investment‐Styles mit Immobilienanlagen (Martha S. Peyton: Real Estate Investment Style and Style Purity. Journal of Real Estate Portfolio Management, Vol. 14, No. 4, 2008, pp. 325‐334).
III/39. Die Entscheidung zum Home‐Equity‐Withdrawal (Michael LaCour‐Little, Eric Rosenblatt, Vincent Yao: Home Equity Extraction by Homeowners: 2000‐2006. Journal of Real Estate Research, Vol. 32, No. 1, 2010, pp. 23‐46).
III/40. Gibt es Vorteile der Time Diversification mit Immobilien? (Carolina Fugazza, Massimo Guidolin, Giovanna Nicodano: Time and Risk Diversification in Real Estate Investments: Assessing the Ex Post Economic Value. Real Estate Economics, Vol. 37, No. 3, 2009, pp. 341‐381).
III/41. Diversifikationseigenschaften unterschiedlicher gelisteter Immobilienformen im Portfo‐
lio institutioneller Anleger (Kathy Hung, Zhan Onayev, Charles C. Tu: Time‐Varying Diver‐
sification Effect of Real Estate in Institutional Portfolios: When Alternative Assets are Considered. Journal of Real Estate Portfolio Management, Vol. 14, No. 4, 2008, pp. 242‐
261).
III/42. Real Estate Fund of Funds (Kevin C.H. Chiang, Kirill Kozhevnikov, Ming‐Long Lee, Craig H. Wisen: Further Evidence on the Performance of Fund of Funds: The Case of Real Estate Mutual Funds. Real Estate Economics, Vol. 36, No. 1, 2008, pp. 47‐61).
III/43. Overconfidence und Trading von REIT‐Stocks (Crystal Yan Lin, Hamid Rahman, Kenneth Yung: Investor Overconfidence in REIT Stock Trading. Journal of Real Estate Portfolio Management, Vol. 16, No. 1, 2010, pp. 39‐57).
15
Teil IV: Urban Economics DI, 19.03.2013 Topics: Stadtökonomie, räumliche und geographische Werttreiber Kurzpräsentationen (26.03.2013): Regionale Faktoren und Immobilienpreise:
IV/1. Preistransmission in regionalen Immobilienmärkten (Hong Miao, Sanjay Ramchander, Marc W. Simpson: Return and Volatility Transmission in U.S. Housing Markets. Real Es‐
tate Economics, Vol. 39, No. 4, 2011, pp. 701‐741).
IV/2. Distanz und Immobilienpreise (Gary Pivo, Jeffrey D. Fisher: TheWalkability Premium in Commercial Real Estate Investments. Real Estate Economics, Vol. 39, No. 2, 2011, pp. 185‐219).
IV/3. Preisentwicklungen in historischen Distrikten (Douglas S. Noonan, Douglas J. Krupka: Making—or Picking—Winners: Evidence of Internal and External Price Effects in Historic Preservation Policies. Real Estate Economics, Vol. 39, No. 2, 2011, pp. 379‐407).
IV/4. Der Preis der Distanz von Landmarks (Justin M. Ross, Michael C. Farmer, Clifford A. Lips‐
comb: Inconsistency in Welfare Inferences from Distance Variables in Hedonic Regres‐
sions. Journal of Real Estate Finance and Economics, Vol. 43, 2011, 385‐400).
IV/5. Hauspreise und Sehenswürdigkeiten (Gabriel M. Ahlfeldt, Wolfgang Maennig: Substitut‐
ability and Complementarity of Urban Amenities: External Effects of Built Heritage in Berlin. Real Estate Economics, Vol. 38, No. 2, 2010, pp. 285‐323).
IV/6. Modellierung des Effekts von Distanz auf Immobilienpreise (Bing Zhu, Roland Füss, Nico B. Rottke: The Predictive Power of Anisotropic Spatial Correlation Modeling in Housing Prices. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 542‐565).
IV/7. Windkraftanlagen und umliegende Immobilienpreise (Ben Hoen, Ryan Wiser, Peter Cap‐
pers, Mark Thayer, and Gautam Sethi: Wind Energy Facilities and Residential Properties: The Effect of Proximity and View on Sales Prices. Journal of Real Estate Research, Vol. 33, No. 3, 2011, pp. 279‐316).
IV/8. Lokale Faktoren und Immobilienpreise (Lynn M. Fisher, Henry O. Pollakowski, Jeffrey Za‐
bel: Amenity‐Based Housing Affordability Indexes. Real Estate Economics, Vol. 37, No. 4, 2009, pp. 705‐746).
IV/9. Distanz und Wert kommerzieller Immobilien (Karl L. Guntermann, Gareth Thomas: Par‐
cel Size, Location and Commercial Land Values. Journal of Real Estate Research, Vol. 27, No. 3, 2005, pp. 343‐354).
IV/10. Zum Einfluss der Verfügbarkeit öffentlicher Dienste auf Immobilienpreise (Stephen Bill‐
ings, Thomas G. Thibodeau: Intrametropolitan Decentralization: Is Government Struc‐
ture Capitalized in Residential Property Values? Journal of Real Estate Finance and Eco‐
nomics, Vol. 42, 2011, pp. 416‐450).
IV/11. Infrastruktur‐Entwicklung und Immobilienpreise (Ekaterina Chernobai, Michael Reibel, Michael Carney: Nonlinear Spatial and Temporal Effects of Highway Construction on House Prices. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 348‐370).
16
Regionalentwicklung:
IV/12. Zur Dynamik des Niedergangs von Stadtteilen und Städten (Jasper Beekmans, Erwin van der Krabben, Karel Martens: An indicator for decline of industrial estates. Journal of Eu‐
ropean Real Estate Research, Vol. 5, No. 3, 2012, pp. 229‐249).
IV/13. Der Einfluss von Hauspreisen auf die Regionalentwicklung in Südafrika (Beatrice D. Simo‐
Kengne, Manoel Bittencourt, Rangan Gupta: House Prices and Economic Growth in South Africa: Evidence from Provincial‐Level Data. Journal of Real Estate Literature, Vol. 20, No. 1, 2012, pp. 97‐117).
IV/14. Substitution und Komplementarität lokaler Märkte (Fotis Mouzakis, John Henneberry: Geographical externalities of local real estate markets. Journal of European Real Estate Research, Vol. 1, No. 1, 2008, pp. 58‐71).
IV/15. PPP als Modell zur Stadtentwicklung? (Stanislaw Belniak: A partnership of public and private sectors as a model for the implementation of urban revitalization projects. Jour‐
nal of European Real Estate Research, Vol. 1, No. 2, 2008, pp. 139‐150).
IV/16. Risiko und Renditen verschiedener lokaler Immobilienmärkte (Susanne Cannon, Norman G. Miller, Gurupdesh S. Pandher: Risk and Return in the U.S. Housing Market: A Cross‐
Sectional Asset‐Pricing Approach. Real Estate Economics, Vol. 34, No. 4, 2006, pp. 519‐
552).
IV/17. Lokale Entwicklungspolitik und Immobilienmärkte (Brent C. Smith: If You Promise to Build It, Will They Come? The Interaction between Local Economic Development Policy and the Real Estate Market: Evidence from Tax Increment Finance Districts. Real Estate Economics, Vol. 37, No. 2, 2009, pp. 209‐234).
Teil V: Immobiliengesellschaften und REITs DI, 26.03.2013 Topics: Performancetreiber, Set‐up ( BF 21) Kurzpräsentationen (26.03.2013): REIT Finanzierung:
V/1. Transparenz und Finanzierungsfähigkeit von REITs (Heng An, Douglas O. Cook, Leonard V. Zumpano: Corporate Transparency and Firm Growth: Evidence from Real Estate In‐
vestment Trusts. Real Estate Economics, Vol. 39, No. 3, 2011, pp. 429‐454).
V/2. Kapitalstrukturen von REITs (David M. Harrison, Christine A. Panasian, Michael J. Seiler: Further Evidence on the Capital Structure of REITs. Real Estate Economics, Vol. 39, No. 1, 2011, pp. 133‐166).
V/3. Immobiliensegmentspezifische Kapitalstruktur von REITs (Mine Ertugrul, Erasmo Giam‐
bona: Property Segment and REIT Capital Structure. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 505‐526).
V/4. Determinanten der REIT‐Kapitalstruktur (Chinmoy Ghosh, Erasmo Giambona, John P. Harding, C. F. Sirmans: How Entrenchment, Incentives and Governance Influence REIT Capital Structure. Journal of Real Estate Finance and Economics, Vol. 43, 2011, 39‐72).
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V/5. Fremdfinanzierung von REITs (Daniel Huerta‐Sanchez, Changha Jin, Ying Zhang: The Im‐
pact of Debt Offerings on REIT Long‐Run Performance. Journal of Real Estate Portfolio Management, Vol. 18, No. 2, May‐Aug 2012, pp. 155‐167).
V/6. Optimaler Leverage von Immobilienvehikeln (Maarten R. van der Spek, Chris Hooren‐
man: Leverage: Please Use Responsibility. Journal of Real Estate Portfolio Management, Vol. 17, No. 2, May‐Aug 2011, pp. 75‐88).
V/7. Kapitalmarktzugang von REITs in Krisenzeiten (Greg MacKinnon: Do REITs have an Ad‐
vantage When Credit is Tight? Journal of Real Estate Portfolio Management, Vol. 17, No. 1, Jan‐Apr 2011, pp. 15‐25).
V/8. Kreditlinien von REITs in der Finanzkrise (William G. Hardin, III and Matthew D. Hill: Cre‐
dit Line Availabili ty and Utilization in REITs. Journal of Real Estate Research, Vol. 33, No. 4, 2011, pp. 507‐530).
V/9. Kreditlinien von REITs (David M. Harrison, Kimberly L. Luchtenberg, Michael J. Seiler: REIT Performance and Lines of Credit. Journal of Real Estate Portfolio Management, Vol. 17, No. 1, Jan‐Apr 2011, pp. 1‐14).
V/10. Aktiensplits und Liquidität (Gow‐Cheng Huang, Kartono Liano, Ming‐Shiun Pan: REIT Stock Splits and Liquidity Changes. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 527‐547).
V/11. Lockups in REIT IPOs (Hsuan‐Chi Chen, Robert (Chi‐Wing) Fok, Chiuling Lu: An Analysis of Lockups in REIT IPOs. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 359‐384).
V/12. REIT Underwriting (Walter I. Boudry, Jarl G. Kallberg, Crocker H. Liu: Analyst Behavior and Underwriter Choice. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 5‐38).
V/13. Kapitalerhöhungen von REITs (Seow Eng Ong, Joseph T. L. Ooi, Yuichiro Kawaguichi: Sea‐
soned Equity Issuance by Japan and Singapore REITs. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 205‐220).
V/14. REIT Financing (William G. Hardin III, Zhonghua Wu: Banking Relationships and REIT Capital Structure. Real Estate Economics, Vol. 38, No. 2, 2010, pp. 257‐284).
V/15. Effekte von REIT‐IPOs auf Non‐REITs (Ming‐Long Lee, Shew‐Huei Kuo, Ming‐te Lee, Chia Wei Lin: Market Signals Associated with Taiwan REIT IPOs: Reactions of Non‐REIT Real Estate Stocks. Journal of Real Estate Literature, Vol. 19, No. 1, 2011, pp. 93‐110).
V/16. Kapitalmarkttransaktionen von REITs (Walter I. Boudry, Jarl G. Kallberg, Crocker H. Liu: An Analysis of REIT Security Issuance Decisions. Real Estate Economics, Vol. 38, No. 1, 2010, pp. 91‐120).
V/17. Kapital‐ und Finanzierungsstruktur von REITs (Erasmo Giambona, John P. Harding, C.F. Sirmans: Explaining the Variation in REIT Capital Structure: The Role of Asset Liquidation Value. Real Estate Economics, Vol. 36, No. 1, 2008, pp. 111‐137).
V/18. Verschuldungsgrade von REITs (Zhilan Feng, Chinmoy Ghosh, C.F. Sirmans: On the Capi‐
tal Structure of Real Estate Investment Trusts (REITs). Journal of Real Estate Finance and Economics, Vol. 34, 2007, pp. 81‐105).
V/19. Kapitalstruktur‐Determinanten von REITs (Giacomo Morri, Christian Beretta: The capital structure determinants of REITs: Is it a peculiar industry? Journal of European Real Es‐
tate Research, Vol. 1, No. 1, 2008, pp. 6‐57).
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V/20. REIT‐Auditing, Liquidität und Finanzierungskosten (Bartley R. Danielsen, David M. Harri‐
son, Robert A. Van Ness, Richard S. Warr: REIT Auditor Fees and Financial Market Trans‐
parency. Real Estate Economics, Vol. 37, No. 3, 2009, pp. 515‐557).
V/21. Finanzielle Restriktionen und Investitionstätigkeit von REITs (Timothy J. Riddiough, Zhonghua Wu: Financial Constraints, Liquidity Management and Investment. Real Estate Economics, Vol. 37, No. 3, 2009, pp. 447‐481).
REIT Dividenden, Aktienrückkäufe, Going Privates:
V/22. V/8: Aktienrückkäufe und REIT‐Liquidität (Gow‐Cheng Huang, Kartono Liano, Ming‐Shiun Pan: REIT Share Repurchase Decisions and Stock Market Liquidity. Journal of Real Estate Portfolio Management, Vol. 18, No. 1, Jan‐Apr 2012, pp. 43‐56).
V/23. V/8: Dividend Smoothing von REITs (Walter I. Boudry: An Examination of REIT Dividend Payout Policy. Real Estate Economics, Vol. 39, No. 4, 2011, pp. 601‐634).
V/24. Aktienoptionen und Rückkaufprogramme von REITs (Chinmoy Ghosh, Erasmo Giambona, John P. Harding, Ozcan Sezer, C.F. Sirmans: The Role of Managerial Stock Option Pro‐
grams in Governance: Evidence from REIT Stock Repurchases. Real Estate Economics, Vol. 38, No. 1, 2010, pp. 31‐55).
V/25. Dividendenpolitik von REITs (William Hardin III, Matthew D. Hill: REIT Dividend Determi‐
nants: Excess Dividends and Capital Markets. Real Estate Economics, Vol. 36, No. 2, 2008, pp. 349‐369).
V/26. ESOP und Aktienrückkäufe von REITs (Chinmoy Ghosh, John P. Harding, Özcan Sezer, and C.F. Sirmans: The Role of Executive Stock Options in REIT Repurchases. Journal of Real Estate Research, Vol. 30, No. 1, 2008, pp. 27‐44).
V/27. Werteffekte von Aktienrückkaufprogrammen von REITs (Dean Diavatopoulos, Andy Fo‐
dor, Shawn D. Howton, Shelly W. Howton: Do REIT Announcements of Open Market Re‐
purchase Programs Signal Value Changes in Rivals? Journal of Real Estate Portfolio Man‐
agement, Vol. 16, No. 2, 2010, pp. 131‐140).
V/28. REIT Stock Repurchases (Erasmo Giambona, Carmelo Giaccotto, C.F. Sirmans: The Long‐
Run Performance of REIT Stock Repurchases. Real Estate Economics, Vol. 33, No. 2, 2005, pp. 351‐380).
V/29. Motive von Going Privates von REITs (David C. Ling, Milena Petrova: Why Do REITs Go Private? Differences in Target Characteristics, Acquirer Motivations, and Wealth Effects in Public and Private Acquisitions. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 99‐129).
REIT Management, Corporate Governance:
V/30. Incentive‐Mechanismen im REIT‐Management (Greg Hallman, Jay C. Hartzell, Christo‐
pher A. Parsons: Incentive Compensation and the Likelihood of Termination: Theory and Evidence from Real Estate Organizations. Real Estate Economics, Vol. 39, No. 3, 2011, pp. 507‐546).
V/31. Manager Incentive Fees (Dean Altshuler, Roy Schneiderman: Overpayment of Manager Incentive Fees – When Preferred Returns and IRR Hurdles Differ. Journal of Real Estate Portfolio Management, Vol. 17, No. 2, May‐Aug 2011, pp. 181‐189).
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V/32. Faktoren der Entlohnung von REIT‐Managern (John M. Griffith, Mohammad Najand, H. Shelton Weeks: What Influences the Changes in REIT CEO Compensation? Evidence from Panel Data. Journal of Real Estate Research, Vol. 33, No. 2, 2011, pp. 209‐232).
V/33. Eigentümerstruktur von europäischen Immobiliengesellschaften (Jaakko Niskanen, Jussi Rouhento, Heidi Falkenbach: European real estate equities: ownership structure and value of the firm. Journal of European Real Estate Research, Vol. 4, No. 2, 2011, pp. 131‐
144).
V/34. Besitzerstruktur von REITs (Robert H. Edelstein, Antoni Sureda‐Gomila, Branko Urosevic, Nicholas Wonder: Ownership Dynamics with Multiple Insiders: The Case of REITs. Real Estate Economics, Vol. 38, No. 1, 2010, pp. 57‐90).
V/35. REIT‐Eigentümer und Performance (Shawn D. Howton, Shelly W. Howton, Johnny Lee, Mi Luo: REIT Ownership and Property Performance: Evidence from the Lodging Industry. Journal of Real Estate Portfolio Management, Vol. 18, No. 2, May‐Aug 2012, pp. 169‐
185).
V/36. REIT‐Strukturen und asymmetrische Information (Paul Anglin, Robert Edelstein, Yanmin Gao, Desmond Tsang: How Does Corporate Governance Affect the Quality of Investor In‐
formation? The Curious Case of REITs. Journal of Real Estate Research, Vol. 33, No. 1, 2011, pp. 1‐23).
V/37. Corporate Governance in asiatischen REITs (Syahzan Sani Kudus, Tien Foo Sing: Interest Alignment and Insider Shareholdings in the Emerging Asian REIT Markets. Journal of Real Estate Portfolio Management, Vol. 17, No. 2, May‐Aug 2011, pp. 127‐138).
V/38. Eigentümerkonzentration in türkischen REITs (Isil Erol, Dogan Tirtiroglu: Concentrated Ownership, No Dividend Payout Requirement and Capital Structure of REITs: Evidence from Turkey. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 174‐204).
V/39. Corporate Governance und Übernahmegefahr bei REITs (Robert D. Campbell, Chinmoy Ghosh, Milena Petrova, C. F. Sirmans: Corporate Governance and Performance in the Market for Corporate Control: The Case of REITs. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 451‐480).
V/40. REIT Management und Performance (G. Stacy Sirmans, H. Swint Friday, Russell M. Price: Do Management Changes Matter? An Empirical Investigation of REIT Performance. Jour‐
nal of Real Estate Research, Vol. 28, No. 2, 2006, pp. 131‐148).
V/41. REIT Corporate Governance (Rob Bauer, Piet Eichholtz, Nils Kok: Corporate Governance and Performance: The REIT Effect. Real Estate Economics, Vol. 38, No. 1, 2010, pp. 1‐29).
V/42. Corporate Governance in REITs (Jay C. Hartzell, Libo Sun, Sheridan Titman: The Effect of Corporate Governance on Investment: Evidence from Real Estate Investment Trusts. Real Estate Economics, Vol. 34, No. 3, 2006, pp. 343‐376).
V/43. Earnings‐Management von REITs (Brent W. Ambrose, Xun Bian: Stock Market Informa‐
tion and REIT Earnings Management. Journal of Real Estate Research, Vol. 32, No. 1, 2010, pp. 101‐137).
REIT Transaktionen:
V/44. Immobilien‐Akquisitionsformen und REIT‐Bewertung (Joseph T.L. Ooi, Seow‐Eng Ong, Poh‐Har Neo: TheWealth Effects of Property Acquisitions: Evidence from Japanese and Singaporean REITs. Real Estate Economics, Vol. 39, No. 3, 2011, pp. 487‐505).
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V/45. REIT‐Mergers (Randy I. Anderson, Henrik Medla, Nico B. Rottke, Dirk Schiereck: Real Es‐
tate Merger Motives: An Analytical Review of the Literature. Journal of Real Estate Lite‐
rature, Vol. 20, No. 1, 2012, pp. 37‐47).
V/46. Performance von REIT‐M&A (Olgun F. Sahin: The Performance of Acquisitions in the Real Estate Investment Trust Industry. Journal of Real Estate Research, Vol. 27, No. 3, 2005, pp. 321‐342).
V/47. Disposals und REIT‐Performance (Russell M. Price: REIT Holdings and Performance. Jour‐
nal of Real Estate Portfolio Management, Vol. 15, No. 1, 2009, pp. 33‐44).
V/48. Immobilienverkäufe, Leverage und Returns (Robert D. Campbell, Milena Petrova, C.F. Sirmans: Value Creation in REIT Property Sell‐Offs. Real Estate Economics, Vol. 34, No. 2, 2006, pp. 329‐342).
REIT Performance:
V/49. Bankenkonkurse und REIT Returns (Malte H. Raudszus, Jan‐Willem Olliges, Glenn R. Mueller: Bank Failures and REIT Returns. Journal of Real Estate Portfolio Management, Vol. 18, No. 1, Jan‐Apr 2012, pp. 1‐22).
V/50. REIT Bewertung und NAV Discounts (Massimo Biasin, Emanuela Giacomini, Anna Grazia Quaranta: Public REITs' governance and regulatory structure: effects on NAV discount: Evidence from the Italian market. Journal of European Real Estate Research, Vol. 3, No. 3, 2010, pp. 161‐181).
V/51. Risikoprämien von REITs (Xiaolong Liu, Peng Liu: The Composition of Market Proxy in REITs Risk Premium Estimation. Journal of Real Estate Portfolio Management, Vol. 18, No. 1, Jan‐Apr 2012, pp. 79‐98).
V/52. Gewinnankündigungen und REIT‐Kurse (S. McKay Price, Dean H. Gatzlaff, C. F. Sirmans: Information Uncertainty and the Post‐Earnings‐Announcement Drift Anomaly: Insights from REITs. Journal of Real Estate Finance and Economics, Vol. 44, 2012, 250‐274).
V/53. REITs und Economies of Scale (Brent W. Ambrose, Michael J. Highfield, Peter D. Linne‐
man: Real Estate and Economies of Scale: The Case of REITs. Real Estate Economics, Vol. 33, No. 2, 2005, pp. 323‐350).
V/54. Effekte von Risiko, Grösse und Investoren auf die Performance von REITs (Brent W. Am‐
brose, Dong Wook Lee: REIT Capital Budgeting and Equity Marginal q. Real Estate Eco‐
nomics, Vol. 37, No. 3, 2009, pp. 483‐514).
V/55. REIT Bubbles (Keith Anderson, Chris Brooks, Sotiris Tsolacos: Testing for Peridically Col‐
lapsing Rational Speculative Bubbles in U.S. REITs. Journal of Real Estate Portfolio Man‐
agement, Vol. 17, No. 3, Sep‐Dec 2011, pp. 227‐241).
V/56. Selektion von REIT‐Aktien und Portfolio‐Performance (Gjergji Cici, Jack Corgel, Scott Gib‐
son: Can Fund Managers Select Outperforming REITs? Examining Fund Holdings and Trades. Real Estate Economics, Vol. 39, No. 3, 2011, pp. 455‐486).
V/57. Optionen auf REITs und REIT‐Performance (Dean Diavatopoulos, Andy Fodor, Shawn D. Howton, Shelly W. Howton: The Impact of Option Introduction on Real Estate Invest‐
ment Trusts. Journal of Real Estate Portfolio Management, Vol. 17, No. 3, 2011, pp. 213‐
226).
V/58. Implizite Volatilität von REIT‐Optionen (Dean Diavatopoulos, Andy Fodor, Shawn D. How‐
ton, Shelly W. Howton: The Predictive Power of REIT Implied Volatility and the Implied Idiosyncratic Volatility. Journal of Real Estate Portfolio Management, Vol. 16, No. 1, 2010, pp. 29‐38).
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V/59. Diversifikation versus Spezialisierung von REITs (SeungHan Ro, Alan J. Ziobrowski: Does Focus Really Matter? Specialized vs. Diversified REITs. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 68‐83).
V/60. Kurs‐Discount und Prämie (Giacomo Morri, Paolo Benedetto: Leverage and NAV dis‐
count: evidence from Italian real estate investment funds. Journal of European Real Es‐
tate Research, Vol. 2, No. 1, 2009, pp. 33‐55).
V/61. Performance von international diversifizierenden Immobiliengesellschaften (Piet M. A. Eichholtz, Nils Gugler, Nils Kok: Transparency, Integration, and the Cost of International Real Estate Investments. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 152‐173).
V/62. REIT Volatilität (Jian Zhou, Zhixin Kang: A Comparison of Alternative Forecast Models of REIT Volatility. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 275‐
294).
Gastreferat: Institutionelles Immobilienmanagement DI, 02.04.2013 «Institutionelles Immobilienmanagement – Organisation und Delegation» Gastreferat von Dr. STEPHAN KLOESS, Kloess Real Estate, Wollerau (ab 18.00 h) Teil VI: Special Topics in Real Estate Research DI, 02.04.2013 Topics: Strukturwandel, Zyklen, Mortgage Markets Kurzpräsentationen (02.04.2013): Immobilien‐Blasen:
VI/1. Entwicklung von Immobilienblasen (Rose N. Lai, Robert A. Van Order: Momentum and House Price Growth in the United States: Anatomy of a Bubble. Real Estate Economics, Vol. 38, No. 4, 2010, pp. 753‐773).
VI/2. Immobilienblase in Dubai: Entwicklung und Reaktion (Bertrand Renaud: Real Estate Bubble and Financial Crisis in Dubai: Dynamics and Policy Responses. Journal of Real Es‐
tate Literature, Vol. 20, No. 1, 2012, pp. 51‐77).
VI/3. Immobilien‐Bubbles und die Auswirkungen auf den Konsum (Sonali Das, Rangan Gupta, Patrick T. Kanda: Bubbles in South African House Prices and their Impact on Consump‐
tion. Journal of Real Estate Literature, Vol. 19, No. 1, 2011, pp. 71‐91).
VI/4. Krisendynamik und Domino‐Effekte im Immobilienmarkt (Lok Sang Ho, Yue Ma, Donald R. Haurin: Domino Effects within a Housing Market: The Transmission of House Price Changes across Quality Tiers. Journal of Real Estate Finance and Economics, Vol. 37, 2008, pp. 299‐316).
VI/5. Immobilienbubbles und Kreditvergabe (Yannis Panagopoulos, Prodromos Vlamis: Bank Lending, Real Estate Bubbles, and Basel II. Journal of Real Estate Literature, Vol. 17, No. 2, 2009, pp. 295‐310).
VI/6. Hypothekendesign und Immobilienkrise (Michael LaCour‐Little, Jing Yang: Pay me now or pay me later: Alternative Mortgage Products and the Mortgage Crisis. Real Estate Economics, Vol. 38, No. 4, 2010, pp. 687‐732).
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VI/7. Liquiditäts‐ und Bewertungsdynamik bei kommerziellen Liegenschaften (Brian W. Buckles: Liquidity Dynamics in Commercial Real Estate. Journal of Real Estate Portfolio Management, Vol. 14, No. 4, 2008, pp. 307‐323).
VI/8. Integration internationaler Büromärkte (Chris Brooks, Sotiris Tsolacos: Integration of In‐
ternational Office Markets and Signal Extraction. Journal of Real Estate Portfolio Man‐
agement, Vol. 14, No. 4, 2008, pp. 351‐361).
VI/9. Dispersion kommerzieller Immobilienrenditen in Abhängigkeit von Zeit, Immobilientyp und Preisschocks (Alberto Plazzi, Walter Torous, Rossen Valkanov: The Cross‐Sectional Dispersion of Commercial Real Estate Returns and Rent Growth: Time Variation and Economic Fluctuations. Real Estate Economics, Vol. 36, No. 3, 2008, pp. 403‐439).
VI/10. Zur Prognosekraft der Miet‐Preis‐Ratio (Joshua Gallin: The Long‐Run Relationship Be‐
tween House Prices and Rents. Real Estate Economics, Vol. 36, No. 4, 2008, pp. 635‐
658).
Distress:
VI/11. Kommerziell genutzte Liegenschaften im Distress (Raymond L. Placid, H. Shelton Weeks: Distressed Commercial Real Estate: Cost Segregation a “Pandora’s Box”. Journal of Real Estate Portfolio Management, Vol. 17, No. 3, Sep‐Dec 2011, pp. 271‐280).
VI/12. Bewertungsverzerrungen von Immobilien im Distress (Shuang Zhu, R. Kelley Pace: Dis‐
tressed Properties: Valuation Bias and Accuracy. Journal of Real Estate Finance and Eco‐
nomics, Vol. 44, 2012, pp. 153‐166).
VI/13. Strategien der Kreditgeber im Distress (Terrence M. Clauretie, Nasser Daneshvary: The Optimal Choice for Lenders Facing Defaults: Short Sale, Foreclose, or REO. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 504‐521).
VI/14. Bewertung von Hypotheken im Hinblick auf den Distress (James B. Kau, Donald C. Kee‐
nan, Alexey A. Smurov: Leverage and Mortgage Foreclosures. Journal of Real Estate Fi‐
nance and Economics, Vol. 42, 2011, pp. 393‐415).
VI/15. Spillover‐Effekte bei Krisen im Wohnungsmarkt (Nasser Daneshvary, Terrence M. Claure‐
tie, Ahmad Kader: Short‐Term Own‐Price and Spillover Effects of Distressed Residential Properties: The Case of a Housing Crash. Journal of Real Estate Research, Vol. 33, No. 2, 2011, pp. 179‐207).
VI/16. Bewertung von Liegenschaften im Distress (Anthony Pennington‐Cross: The Value of Foreclosed Property. Journal of Real Estate Research, Vol. 28, No. 2, 2006, pp. 193‐214).
VI/17. Foreclosure Discounts und Immobilienqualität (Terrence M. Clauretie, Nasser Danesh‐
vary: Estimating the House Foreclosure Discount Corrected for Spatial Price Interdepen‐
dence and Endogeneity of Market Time. Real Estate Economics, Vol. 37, No. 1, 2009, pp. 43‐67).
VI/18. Immobilienqualität und Defaultwahrscheinlichkeit im Bank‐Portfolio (Deniz Igan, Marce‐
lo Pinheiro: Exposure to Real Estate in Bank Portfolios. Journal of Real Estate Research, Vol. 32, No. 1, 2010, pp. 47‐74).
Hypothekarmärkte:
VI/19. Zur Kurzfristigkeit von Hypothekenschuldnern und Hypothekarbanken (Trond Arne Bor‐
gersen, Jørund Greibrokk: Reflections on LTV, risk and incentives in mortgage markets. Journal of European Real Estate Research, Vol. 5, No. 3, 2012, pp. 199‐210).
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VI/20. Inflationserwartungen und die Wahl von Hypothekarprodukten (Don N. MacDonald, Kimberly Winson‐Geideman: Residential Mortgage Selection, Inflation Uncertainty, and Real Payment Tilt. Journal of Real Estate Research, Vol. 34, No. 1, 2012, pp. 51‐71).
VI/21. Hypothekenderivate (Jefferson Duarte, Douglas A. McManus: Residential Mortgage Credit Derivatives. Real Estate Economics, Vol. 39, No. 4, 2011, pp. 671‐700).
VI/22. Reverse Mortgages und Hauspreise (Hui Shan: Reversing the Trend: The Recent Expan‐
sion of the Reverse Mortgage Market. Real Estate Economics, Vol. 39, No. 4, 2011, pp. 743‐768).
VI/23. Subprime Lending und Immobilienpreise (Andrey Pavlov, Susan Wachter: Subprime Lending and Real Estate Prices. Real Estate Economics, Vol. 39, No. 1, 2011, pp. 1‐17).
VI/24. Konditionen von Hypothekenprodukten und die Wahrscheinlichkeit von Immobilienkri‐
sen (Anthony Pennington‐Cross, Giang Ho: The Termination of Subprime Hybrid and Fixed‐Rate Mortgages. Real Estate Economics, Vol. 38, No. 3, 2010, pp. 399‐426).
VI/25. Informationsasymmetrie im Subprime‐Hypothekenmarkt (James B. Kau, Donald C. Kee‐
nan, Constantine Lyubimov, V. Carlos Slawson: Asymmetric Information in the Subprime Mortgage Market. Journal of Real Estate Finance and Economics, Vol. 44, 2012, pp. 67‐
89).
VI/26. Zahlungsbereitschaft für Hypotheken (Ping Cheng, Zhenguo Lin, Yingchun Liu: Do Wom‐
en Pay More for Mortgages? Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 423‐440).
VI/27. Zur Organisation von Verbriefungsagenturen (John A. Karikari, Ioan Voicu, Irene Fang: FHA vs. Subprime Mortgage Originations: Is FHA the Answer to Subprime Lending? Jour‐
nal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 441‐458).
VI/28. Subprime Mortgages (Anthony Pennington‐Cross, Souphala Chomsisenghphet: Subprime Refinancing: Equity Extraction and Mortgage Refinancing. Real Estate Economics, Vol. 35, No. 2, 2007, pp. 233‐263).
VI/29. Fehlbewertungen in den Hypothekenmärkten (Andrey Pavlov, Susan Wachter: The Inevi‐
tability of Marketwide Underpricing of Mortgage Default Risk. Real Estate Economics, Vol. 34, No. 4, 2006, pp. 479‐496).
VI/30. Was ist entscheidender für den Konkurs: Schuldner‐Eigenschaften oder Eigenschaften des Hypothekarkontrakts? (Lei Ding, Roberto G. Quercia, Wei Li, Janneke Ratcliffe: Risky Borrowers or Risky Mortgages Disaggregating Effec ts Using Propensity Score Models. Journal of Real Estate Research, Vol. 33, No. 2, 2011, pp. 245‐277).
VI/31. Hypothekarprodukte, Incentives und Hypothekenkrisen (Michael LaCour‐Little, Jing Yang: Pay Me Now or Pay Me Later: Alternative Mortgage Products and theMortgage Crisis. Real Estate Economics, Vol. 38, No. 4, 2010, pp. 687‐732).
VI/32. Konstruktion von Mortgage‐Pools im Hinblick auf Ausfallrisiken (Tyler T. Yang, Che‐Chun Lin, Man Cho: Collateral Risk in Residential Mortgage Defaults. Journal of Real Estate Finance and Economics, Vol. 42, 2011, pp. 115‐142).
VI/33. Die Rolle von Hypothekarbrokern im Subprime‐Markt (Jonathan S. Spader, Roberto G. Quercia: Mortgage Brokers and the Refinancing Transaction: Evidence from CRA Bor‐
rowers. Journal of Real Estate Finance and Economics, Vol. 42, 2011, 181‐210).
VI/34. Default‐Verhalten im Subprime Markt (Dennis R. Capozza, Thomas A. Thomson: Sub‐
prime Transitions: Lingering or Malingering in Default? Journal of Real Estate Finance and Economics, Vol. 33, 2006, pp. 241‐258).
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VI/35. Zur Wahl fixer versus variabler Hypotheken (Brahima Coulibaly, Geng Li: Choice of Mort‐
gage Contracts: Evidence from the Survey of Consumer Finances. Real Estate Economics, Vol. 37, No. 4, 2009, pp. 659‐673).
VI/36. Determinanten der Refinanzierung von Hypotheken im amerikanischen Markt (Yan Chang, Abdullah Yavas: Do Borrowers Make Rational Choices on Points and Refinancing? Real Estate Economics, Vol. 37; No. 4, 2009, pp. 635‐658).
VI/37. Basel II und US‐Hypothekenvergabe (Paul S. Calem, James R. Follain: Regulatory Capital Arbitrage and the Potential Competitive Impact of Basel II in the Market for Residential Mortgages. Journal of Real Estate Finance and Economics, Vol. 35, 2007, pp. 197‐219).
VI/38. CMBS Total Return Swaps (Laurie S. Goodman, Frank J. Fabozzi: CMBS Total Return Swaps. Journal of Portfolio Management, Special Issue 2005, pp. 162‐167).
VI/39. Bewertung von Wohnkooperativen (Karl Robertsen, Theis Theisen: The Impact of Finan‐
cial Arrangements and Institutional Form on Housing Prices. Journal of Real Estate Finance and Economics, Vol. 42, 2011, 371‐392).
Development:
VI/40. Wertsteigerung in der Entwicklung (Ary Adriansyah Samsura, Erwin van der Krabben: Negotiating land and property development: a game theoretical approach to value cap‐
turing. Journal of European Real Estate Research, Vol. 5, No. 1, 2012, pp. 48‐65).
VI/41. Subventionierung von Haushalten und Immobilienentwicklung (Oliver Bischoff, Wolf‐
gang Maennig: On the effects of owner‐occupied subsidies on housing construction in Germany. Journal of European Real Estate Research, Vol. 5, No. 1, 2012, pp. 29‐47).
VI/42. Generierung von Entwicklungsstrategien (Brano Glumac, Qi Han, Jos Smeets, Wim Schaefer: Brownfield redevelopment features: applying Fuzzy Delphi. Journal of Euro‐
pean Real Estate Research, Vol. 4, No. 2, 2011, pp. 145‐159).
VI/43. Angebotselastizitäten im Development (Franz Fuerst, Patrick McAllister: Supply elastici‐
ties and developers' expectations: a study of European office markets. Journal of Euro‐
pean Real Estate Research, Vol. 3, No. 1, 2010, pp. 5‐23).
VI/44. Entwicklungsstrategien und Optionen (Terry V. Grissom, James N. Berry, Lay Cheng J. Lim: Economics of development strategies utilising option and portfolio analytics. Jour‐
nal of European Real Estate Research, Vol. 3, No. 2, 2010, pp. 117‐137).
VI/45. Bewertung von Realoptionen im Development (Robert A. Grovenstein, James B. Kau, Henry J. Munneke: Development Value: A Real Options Approach Using Empirical Data. Journal of Real Estate Finance and Economics, Vol. 43, 2011, pp. 321‐335).
VI/46. Anreize zum Overbuilding (Gregory P. DeCoster, William C. Strange: Developers, Herd‐
ing, and Overbuilding. Journal of Real Estate Finance and Economics, Vol. 44, 2012, pp. 7‐35).
VI/47. Players im Baugeschäft und Kreditpolitik (Brent W. Ambrose, Joe Peek: Credit Availability and the Structure of the Homebuilding Industry. Real Estate Economics, Vol. 36, No. 4, 2008, pp. 659‐692).
VI/48. Angebotselastizitäten und Preisentwicklung in Büromärkten (Franz Fuerst, Patrick McAl‐
lister: Supply elasticities and developers‘ expectations: a study of European office mar‐
kets. Journal of European Real Estate Research. Vol. 3, No. 1, 2010, pp. 5‐23).
25
VI/49. Sustainability bei Immobilieninvestitionen (Anthony J. de Francesco, Deborah Levy: The impact of sustainability on the investment environment. Journal of European Real Estate Research, Vol. 1, No. 1, 2008, pp. 72‐87).
DI, 09.04.2013 Prüfung (voraussichtlicher Termin, Änderung möglich) (Der Zeitplan ist nur indikativ. Änderungen sind vorbehalten) III. Literatur Der Kurs basiert auf folgender Literatur: ƒ
William B. Brueggeman & Jeffrey D. Fisher: Real Estate Finance and Investments. 14th edition, McGraw‐Hill, 2010. (BF) Die angegebenen Kapitel (4, 5, 7, 9, 10, 18, 21, 22) im Lehrbuch sind Pflichtlektüre. Zudem gibt es in jedem Foliensatz hinten Literaturangaben zur (freiwilligen) Vertiefung einzelner Themen. Hinweis: Es kann auch mit der 13. Auflage des Buches gearbeitet werden; die Kapi‐
telnummern sind die selben, wenngleich die Inhalte punktuell geringfügig abweichen. Weiter empfohlene Literatur: ƒ
Denise DiPasquale & William C. Wheaton: Urban Economics and Real Estate Markets. Prenti‐
ce Hall, 1996. ƒ
Eurostat: Handbook on Residential Property Prices Indices, November 2011: http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/methodology/owner_occupied_h
ousing_hpi/rppi_handbook ƒ
David Geltner, Norman G. Miller, Jim Clayton, Piet Eichholtz: Commercial Real Estate Analysis and Investments. 2nd edition, Thomson South‐Western, 2007. IV. Materialien 1. Folien zu Vorlesungen und Übungen sowie zusätzliche Materialien werden auf der Internet‐
seite elektronisch verfügbar gemacht. 2. Lektüre: Das Lehrbuch empfehlen wir zum Kauf. Allfällige zusätzliche Literatur wird auf Inter‐
netseite zugänglich gemacht. 26
V. Leistung •
Schriftliche Prüfung am Semesterende: Gewicht 2/3 (60 Minuten)* •
Kurzpräsentationen in der Veranstaltung: Gewicht 1/3 ** *Prüfung: Die Prüfung basiert auf der Vorlesung. Die Prüfung umfasst alle im Kurs behandelten Inhal‐
te: Folien, Präsentationen, Handouts, weitere Materialien sowie die angegebene Lektüre. Zur Prü‐
fung darf ein einfacher Taschenrechner mitgebracht werden. **Präsentation: Zu jedem Themenblock ist eine Reihe von Unterthemen angegeben (s. Kursstruktur), bei denen jeweils auch eine Literaturquelle genannt ist. Gruppen von je 2 Studierenden erarbeiten eine Zusammenfassung dieser Papers in Form von rund 5 PPT‐Folien und tragen diese in einem Kurz‐
referat von 5‐10 Minuten im Plenum vor. Ziel ist es dabei, die zentralen Botschaften zu extrahieren und in knapper Form vorzutragen. Die Folien bzw. die Präsentation sollen über das Forschungsziel des Papers, die bisherige (im Text genannte) Literatur, Forschungsdesign und ‐ergebnis Auskunft geben. Die Folien werden danach als pdf auf die Website der Veranstaltung gelegt und sind Bestand‐
teil der Vorlesungsunterlagen (d.h. prüfungsrelevant). Darüber hinaus wird von allen Studierenden aktive Mitarbeit in der Vorlesung erwartet. VI. Unterstützung Dozent: Prof. Dr. Pascal Gantenbein, Abteilung Finanzmanagement, WWZ, Peter Merian‐Weg 6, 4002 Basel. +41 (0) 61‐267‐2459. Mail: [email protected] Assistenz: Herr Christoph Winter, M.Sc., Abteilung Finanzmanagement, WWZ, Peter Merian‐Weg 6, 4002 Basel. +41 (0) 61‐267‐2461. Mail: [email protected]. VI. Dozent Pascal Gantenbein ist Ordinarius für Finanzmanagement am WWZ der Universität Basel und Inhaber der Henri‐
B.‐Meier‐Stiftungsprofessur. Er leitet die Abteilung Finanzmanagement, welche sich mit den Gebieten Investiti‐
ons‐ und Risikomanagement, Venture Capital, Real Estate, Corporate Governance sowie mit Private Equity und Infrastrukturanlagen befasst. Ab 1999 war er zunächst als vollamtlicher Dozent für Finanzmanagement, dann als Assistenzprofessor für Betriebswirtschaftslehre mit besonderer Berücksichtigung der Finanzwirtschaft am Schweizerischen Institut für Banken und Finanzen der Universität St.Gallen tätig. Die Habilitation erfolgte 2004 an der Universität St.Gallen mit einer Arbeit zum Thema «Performance von Immobiliengesellschaften». 2006 war er Gastprofessor an der HEC Paris und 2011 an der Universität Genf. Weitere Gastprofessufen folgten 2012 an der Witwatersrand University in Johannesburg und ebenfalls 2012 an der HEC Montréal in Kanada. Zudem verbrachte er mehrere Forschungsaufenthalte in den USA, unter anderem an der Marshall School of Business, University of Southern California (USC), an der Anderson School of Management, University of California (UCLA) und am Indian Institute of Management in Bangalore (IIMB), Indien. Pascal Gantenbein graduierte 1995 an der Universität St.Gallen, die Promotion erfolgte 1999. Er war ausserdem mehrere Jahre in verschiedenen Funktio‐
nen in der Assekuranz sowie in der Immobilienberatung tätig. 27