Special Issue "Real Estate Finance"

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: 31 December 2018

Special Issue Editor

Guest Editor
Nicholas Apergis

Department of Banking and Financial Management, University of Piraeus, Piraeus 18534, Greece
Website | E-Mail
Interests: macroeconomics, energy economics, domestic and international financial markets

Special Issue Information

Dear Colleagues,

The problems in financial markets that hit the global economy back in 2008 reflect a pulling back from what the literature calls ‘surrogate securitization’, where investors are willing to buy debt that has been assigned high credit ratings by the credit rating agencies, regardless of the underlying assets used in the securitization. Investors basically delegate due diligence to the rating agencies. Utilizing ratings to help evaluate the riskiness of securities is a normal part of the securitization process. When new securities arise, investors may need to exercise more caution as rating agencies themselves learn about the appropriate risk to attach to the new instruments.

The abovementioned risks concern many stakeholders, given that disruptions in the ability to securitize assets have the potential to affect a much broader set of assets and the whole economy, and increase the cost and reduce the availability of credit that consumers and businesses rely on. It is well known that financial institutions can play an important role in providing financing for many classes of borrowers. This critical issue is that financing that supports responsible subprime lending still has a major role to play. Moreover, the real estate market has an important bearing on both macroeconomic developments and financial stability. Therefore, the systematic monitoring of real estate market developments and prospects are very important for both a comprehensive analysis of the macroeconomic conditions and prospects of the global economy and the effective exercise of central banks’ supervisory tasks.

The themes expected to be covered focused mainly (but are not limited) to the following topics:

  • Financial and geopolitical challenges for real estate markets
  • Links between real estate and financial markets
  • Finance and housing market crises
  • New financial tools for real estate markets
  • Real estate markets and economic policy efficiency
  • Statistical methodologies and the nexus between financial and real estate markets
  • Evaluating private and public development and investment in real estate markets
  • Residential vs. commercial real estate finance
  • Financial and real estate cycles
  • Real estate bubbles
  • Financial and real estate risks
  • Real estate investment portfolios
  • Financial distress and real estate prices
  • The mathematics of real estate finance
  • The econometrics of real estate finance

Prof. Dr. Nicholas Apergis
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charges (APCs) of 350 CHF (Swiss Francs) per published paper are fully funded by institutions through the Knowledge Unlatched initiative, resulting in no direct charge to authors. Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • real estate markets
  • financial markets
  • banks
  • financial stability
  • financial tools
  • mathematics and econometrics in real estate markets
  • economic policy
  • bubbles
  • real estate portfolios

Published Papers (2 papers)

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Research

Open AccessArticle Housing, Housing Finance and Credit Risk
Int. J. Financial Stud. 2018, 6(2), 50; https://doi.org/10.3390/ijfs6020050
Received: 20 December 2017 / Revised: 16 April 2018 / Accepted: 2 May 2018 / Published: 9 May 2018
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Abstract
This paper investigates the determinants of credit risk from a broad perspective. Particular attention is given to the role of housing affordability and household indebtedness. However, the impact of credit market developments and regulations is also closely examined. Using a large panel of
[...] Read more.
This paper investigates the determinants of credit risk from a broad perspective. Particular attention is given to the role of housing affordability and household indebtedness. However, the impact of credit market developments and regulations is also closely examined. Using a large panel of countries it is found that housing affordability and household fragility significantly affect the risk of banks’ loan portfolios. In addition, an analysis of the conditional quantiles of non-performing loan ratios reveals that financial institutions in countries with greater levels of financial liberalization and less regulated markets also experience greater credit risk. Full article
(This article belongs to the Special Issue Real Estate Finance)
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Open AccessFeature PaperArticle Real Estate Risk Analysis: The Case of Caserma Garibaldi in Milan
Int. J. Financial Stud. 2018, 6(1), 7; https://doi.org/10.3390/ijfs6010007
Received: 26 October 2017 / Revised: 4 December 2017 / Accepted: 28 December 2017 / Published: 3 January 2018
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Abstract
The global economic crisis and deep financialization processes recently suffered by the real estate market have exposed the latter to further and greater risks. Against this, the importance of real estate risk management has noticeably grown within the dynamics of both markets, real
[...] Read more.
The global economic crisis and deep financialization processes recently suffered by the real estate market have exposed the latter to further and greater risks. Against this, the importance of real estate risk management has noticeably grown within the dynamics of both markets, real estate and finance. Therefore, the aim of this paper is to develop a comprehensive tool for the risk rating that will consider both the systematic and idiosyncratic risks possibly incurred during a real estate operation, in order to deliver their actual magnitude. It will be composed of 33 criteria whose weights are determined through the application of an analytic hierarchic process on a panel of market operators. This tool is primarily addressed to investors since it allows making strategic decisions while being supported by an analytical procedure that also ensures transparency of the conduct for the rating. An application of the presented tool within the decision-making procedure of the re-functionalization of a former barracks in Milan’s city center is then described; this case study will also constitute an opportunity to highlight the strong relationship that occurs between the profitability of an operation and the risk incurred. Full article
(This article belongs to the Special Issue Real Estate Finance)
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