Bertram I. Steininger

• Dr.
• Professor (Associate) at KTH Royal Institute of Technology

Purpose This real estate insight provides a comprehensive analysis of the current state and future potential of tokenization in the real estate industry mentioning several challenges to overcome to take advantage of this technology. We highlight potential benefits, including enhanced liquidity, increased security and improved accessibility. Additio...

We present and expand existing theories about why individuals may assess positive outcomes differently from negative outcomes in intertemporal choices. All of our theories—based on utility or cost considerations – predict a conventional magnitude effect for positive outcomes, that is, a negative relation between outcome size and subjective discount...

Different industries exhibit significantly different leverage; companies in the real estate investment trust (REIT) and technology/hardware sectors are extreme examples. In the United States, the leverage ratio is twice as high for REITs (50%) as compared to non‐real‐estate firms (around 25%), and the technology/hardware sector has the lowest ratio...

Previous research has shown that real estate serves as a diversifier in mixed-asset portfolios. However, this empirical finding is beset with some drawbacks associated with direct real estate investment. In order to overcome some of these drawbacks, we use theoretical real estate exchange traded notes (ETNs) in a mean-shortfall setting to optimize...

We analyze whether lower rents for energy-inefficient apartments reflect tenants’ willingness to pay due to a higher green awareness, purchasing power, or energy consumption costs. Based on a German rental apartment dataset from Q1 2007 to Q1 2019, we use interaction terms for socioeconomic characteristics in a hedonic regression model. We find tha...

We analyze how direct and indirect effects (spatial spillovers) matter when estimating price effects for a property located in a flood zone. Using a spatial Durbin error model, we show the importance of indirect effects which amount to -6.5% for houses and -4.8% for condominiums in the flood-prone city of Dresden (Germany). Direct effects diminish...

Purpose We investigate causes for the cost overrun and delay of the railway project Stuttgart 21. Besides, we try to forecast the actual costs and completion date at an early stage. Design/methodology/approach The results of exploratory research show the causes for the cost overrun and delay of Stuttgart 21; we compare our findings with other rail...

For varying borrowing and lending amounts, the corresponding subjective discount rates will also vary. A situation where high amounts correspond to lower discount rates is called a conventional magnitude effect, while the opposite is called a reverse magnitude effect. We present an overview of the theoretical arguments for both kinds of magnitude e...

The SEC mandates firms to inform investors about their assessment of future contingencies in their 10 Ks. However lengthy and complex disclosures – mostly for dozens of firms in an investor’s portfolio – can barely be processed by a human being. To cope with the flood of information, we exploit an unsupervised machine learning algorithm, the Struct...

Die Immobilienbranche nimmt eine Schlüsselfunktion in der Klimaschutz- und Energiepolitik Deutschlands ein, da durch sie große Einsparungspotenziale bei Energieverbrauch und CO2-Emissionen identifiziert werden. Der Energieausweis stellt ein wichtiges Informationsinstrument dar, um Aufschluss über die energetische Qualität einer Immobilie zu erlange...

Market-wide, stock market specific, and real estate market specific risk – what kind of risk and to which extent drives the returns of listed real estate? Based on a structural asset pricing model calibrated to the empirical data in the U.S., we show that at least two thirds of the risk premium of listed real estate are driven by the same factors a...

In this study, we analyse how, and to what extent, direct and indirect effects (spatial spillovers) matter when estimating price effects for a property location in a flood zone. Unlike the previous literature, we show the importance of indirect effects resulting from a neighbourhood being situated in a flood zone. Additionally, the type of indirect...

Using an event-study framework, we examine the stock market reaction to the announcement of firm withdrawal from countries designated as “State Sponsors of Terrorism” by the U.S. Department of State. We find that such announcements are, on average, linked to a statistically significant increase in firm value—an effect which already kicks in a few d...

We study the tradeoff between direct and indirect stock investments through equity mutual funds for a utility-maximizing investor. Whereas direct investments impose higher transaction costs on the formation of a well-diversified portfolio, mutual funds charge fees for their services. Our results show that the fee levels that make private investors...

Using an event-study framework, we find that announcements of firm withdrawal from countries designated as State Sponsors of Terrorism are on average associated with a statistically significant 1.23% increase in firm value. Abnormal returns are positively associated with US domicile, the intensity of a firm’s engagement in a designated country, the...

Market-wide, stock market specific and real estate market specific risk – what kind of risk and to which extent drives the returns of listed real estate? In contrast to the existing literature and based on a structural asset pricing model calibrated to the empirical data in the US, we show that at least two thirds of the risk premium of listed real...

Immobilien können ein Portfolio stabilisieren – doch nur, wenn die Investitionen ausreichend breit gestreut sind. Institutionelle wie private Anleger, die direkt in eine oder nur wenige Immobilien investieren, erzielen jedoch oft den gegenteiligen Effekt. Denn nach dem Kauf einer Immobilie ist mittels Kreditfinanzierung häufig deutlich mehr als 100...

This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for liquidity management. Interactions of leverage with li...

Despite the fact that commercial real estate comprises a large proportion of investable assets, a functioning derivatives market for private real estate has only existed since early 2005, when swap contracts began to be traded in the UK in significant amounts. Among other concerns about commercial real estate derivatives, the pricing issue is a maj...