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Morawski, J., Rehkugler, H. Anwendung von Downside-Risikomaßen auf dem deutschen Wohnungsmarkt. Credit and Capital Markets – Kredit und Kapital, 39(1), 11-42. https://doi.org/10.3790/ccm.39.1.11
Morawski, Jaroslaw and Rehkugler, Heinz "Anwendung von Downside-Risikomaßen auf dem deutschen Wohnungsmarkt" Credit and Capital Markets – Kredit und Kapital 39.1, 2006, 11-42. https://doi.org/10.3790/ccm.39.1.11
Morawski, Jaroslaw/Rehkugler, Heinz (2006): Anwendung von Downside-Risikomaßen auf dem deutschen Wohnungsmarkt, in: Credit and Capital Markets – Kredit und Kapital, vol. 39, iss. 1, 11-42, [online] https://doi.org/10.3790/ccm.39.1.11
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Anwendung von Downside-Risikomaßen auf dem deutschen Wohnungsmarkt

Morawski, Jaroslaw | Rehkugler, Heinz

Credit and Capital Markets – Kredit und Kapital, Vol. 39 (2006), Iss. 1 : pp. 11–42

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.39.1.11
Language
Multiple languages
Pages
32

Author Details

Jaroslaw Morawski, Freiburg

Heinz Rehkugler, Freiburg

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Abstract

Application of Downside Risk Measures on the German Residential Real Estate Market

Investment risk measurement is inevitable for efficient allocation of capital, yet the choice of the appropriate risk measure turns out to be problematic. This paper discusses the possible advantages of application of downside risk measures on direct real estate investments. These considerations are caused by the stated nonnormality of real estate returns. An empirical study on the German residential property market yields that using downside risk measures can be advantageous for real estate investors; however, the differences to the traditional volatility approach are smaller than expected.

Table of Contents

Section Title Page Action Price
Jaroslaw Morawski / Heinz Rehkugler: Anwendung von Downside-Risikomaßen auf dem deutschen Wohnungsmarkt 11
I. Einführung 11
II. Downside-Risikomaße 13
III. DR-Maße bei Immobilieninvestitionen 17
1. Verteilung der Immobilienrenditen 17
2. Anwendungsmöglichkeiten der DR-Maße 22
IV. Deutscher Wohnungsmarkt 26
1. Datenmaterial 27
2. Renditeverteilung 28
3. Relatives Risiko 31
4. Wohnimmobilienportfolios 34
V. Fazit 38
Literatur 40
Zusammenfassung 42
Summary 42

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