Fintechs and other start-ups: Is there a significance impact to commercial real estate markets?

2016 ◽  
Author(s):  
Carolin Gesell ◽  
Thomas Beyerle
Keyword(s):  
Real Estate ◽  
Commercial Real Estate ◽  
Real Estate Markets ◽  
Start Ups

Do cross-border investors benchmark commercial real estate markets?

2020 ◽  
Vol 13 (1) ◽  
pp. 83-103
Author(s):  
Cay Oertel ◽  
Jonas Willwersch ◽  
Marcelo Cajias
Keyword(s):  
Relative Risk ◽  
Real Estate ◽  
Risk Premia ◽  
Commercial Real Estate ◽  
Target Market ◽  
Nonlinear Relationship ◽  
Content Type ◽  
Real Estate Markets ◽  
Cross Border ◽  
Relative Attractiveness

Purpose The purpose of this study is to introduce a new perspective on determinants of cross-border investments in commercial real estate, namely, the relative attractiveness of a target market. So far, the literature has analyzed only absolute measures of investment attractiveness as determinants of cross-border investment flows. Design/methodology/approach The empirical study uses a classic ordinary least squares estimation for a European panel data set containing 28 cities in 18 countries, with quarterly observations from Q1/2008 to Q3/2018. After controlling for empirically proven explanatory covariates, the model is extended by the new relative measurement based on relative yields/cap rates and relative risk premia. Additionally, the study applies a generalized additive mixed model (GAMM) to investigate a potentially nonlinear relationship. Findings The study finds on average a ceteris paribus, statistically significant lagged influence of the proxy for relative attractiveness. Nonetheless, a differentiation is needed; relative risk premia are statistically significant, whereas relative yields are not. Moreover, the GAMM confirms a nonlinear relationship for relative risk premia and cross-border transaction volumes. Practical implications The results are of interest for both academia and market participants as a means of explaining cross-border capital flows. The existing knowledge on determinants is expanded by relative market attractiveness, as well as an awareness of nonlinear relationships. Both insights help to comprehend the underlying transaction dynamics in commercial real estate markets. Originality/value Whereas the existing body of literature focuses on absolute attractiveness to explain cross-border transaction activity, this study introduces relative attractiveness as an explanatory variable.

Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States

2000 ◽  
Vol 90 (1) ◽  
pp. 30-45 ◽  
Author(s):  
Joe Peek ◽  
Eric S Rosengren
Keyword(s):  
United States ◽  
Real Estate ◽  
Economic Activity ◽  
The United States ◽  
Commercial Real Estate ◽  
Real Activity ◽  
Real Estate Markets ◽  
Real Effects ◽  
Supply Shock ◽  
Loan Supply

The Japanese banking crisis provides a natural experiment to test whether a loan supply shock can affect real economic activity. Because the shock was external to U.S. credit markets, yet connected through the Japanese bank penetration of U.S. markets, this event allows us to identify an exogenous loan supply shock and ultimately link that shock to construction activity in U.S. commercial real estate markets. We exploit the variation across geographically distinct commercial real estate markets to establish conclusively that loan supply shocks emanating from Japan had real effects on economic activity in the United States. (JEL E44, F36)

Sign in / Sign up

Export Citation Format

Share Document