Housing Yields
Stefano Colonnello, Roberto Marfè, Qizhou Xiong
Journal of Financial and Quantitative Analysis,
forthcoming
Abstract
We build a granular dataset of residential property yields using rental and sale listings from a major German real estate platform. With more than 1.5 million property-level rent-to-price ratios, we document a novel heterogeneity puzzle. About two-fifths of yield dispersion remains unexplained after controlling for extensive observable property characteristics and postal code-level time-varying factors using fixed effects. When we absorb finer neighborhood amenities through richer fixed effects, the unexplained share remains close to one-third. This evidence points to the importance of investors’ beliefs and preferences—rather than several alternative explanations we test—as sources of heterogeneity in risk premia.
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Aktuelle Trends: Zahl der insolventen Personen- und Kapitalgesellschaften auf 15-Jahres-Hoch
Steffen Müller
Wirtschaft im Wandel,
No. 1,
2025
Abstract
Wer derzeit in den Medien häufig von einer „Insolvenzwelle“ liest, könnte angesichts der Zahl der Unternehmensinsolvenzen überrascht sein: Trotz eines deutlichen Anstiegs liegen diese aktuell auf einem moderaten Niveau und deutlich unter den Werten der Wirtschafts- und Finanzkrise 2008/2009 (siehe Abbildung). Ein genauerer Blick zeigt jedoch wichtige Details.
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