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Risks
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Risks in Financial and Real Estate Markets
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Risks in Financial and Real Estate Markets

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: closed (31 July 2018) | Viewed by 9124

Special Issue Editor

Prof. Dr. Marco Wölfle

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Guest Editor
Center for Real Estate Studies, Steinbeis University Berlin, 10247 Berlin, Germany
Interests: influence of state intervention; particularly rent regulation; on housing markets and the efficiency of real estate and financial markets

Special Issue Information

Dear Colleagues,

The last decade, in financial and real estate markets, was characterized by quantitative easing, low interest rates, and waves of regulation. For that reason, stock markets hit their peaks and real estate prices recovered very quickly after the last financial crises. However, this also comes at a cost. In some Central European countries, prices for houses and apartments rose twice as much as rental rates, leading to the so-called asset melt down.

The current Special Issue of the journal covers risk aspects in the context of this market evolution. Papers analyzing the effects of this evolution or potential consequences of changes in central banks’ policies for financial and real estate markets are highly welcome.

Potential papers for this Special Issue may also focus on regulatory risk and how market participants are influenced while doing investment decisions by unclear or changing legal environment.

Prof. Dr. Marco Wölfle
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 submissions that pass pre-check are 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. Risks is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). 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

  • Finance
  • Real estate
  • Risk management
  • Regulation
  • Interest rate policy
  • Asset melt down

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Published Papers (2 papers)

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Research

16 pages, 1345 KiB  
Article
How Does Distress Acquisition Incentivized by Government Purchases of Distressed Loans Affect Bank Default Risk?
by Jyh-Jiuan Lin, Chuen-Ping Chang and Shi Chen
Risks 2018, 6(2), 39; https://doi.org/10.3390/risks6020039 - 19 Apr 2018
Cited by 2 | Viewed by 3840
Abstract
The topic of bank default risk in connection with government bailouts has recently attracted a great deal of attention. In this paper, the question of how a bank’s default risk is affected by a distress acquisition is investigated. Specifically, the government provides a [...] Read more.
The topic of bank default risk in connection with government bailouts has recently attracted a great deal of attention. In this paper, the question of how a bank’s default risk is affected by a distress acquisition is investigated. Specifically, the government provides a bailout program of distressed loan purchases for a strong bank to acquire a bank in distress. The acquirer bank may likely refuse the acquisition with a bailout when the amount of distressed loan purchases is large or the knock-out value of the acquired bank is high. When the acquirer bank realizes acquisition gains, the default risk in the consolidated bank’s equity return is negatively related to loan purchases, but positively to the knock-out value of the acquired bank. The government bailout, as such, in large part contributes to banking stability. Full article
(This article belongs to the Special Issue Risks in Financial and Real Estate Markets)
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16 pages, 463 KiB  
Article
Under What Conditions Do Rules-Based and Capability-Based Management Modes Dominate?
by Lukas Michel, Johanna Anzengruber, Marco Wölfle and Nick Hixson
Risks 2018, 6(2), 32; https://doi.org/10.3390/risks6020032 - 4 Apr 2018
Cited by 2 | Viewed by 4802
Abstract
Despite real changes in the work place and the negative consequences of prevailing hierarchical structures with rigid management systems, little attention has yet been paid to shifting management modes to accommodate the dynamics of the external environment, particularly when a firm’s operating environment [...] Read more.
Despite real changes in the work place and the negative consequences of prevailing hierarchical structures with rigid management systems, little attention has yet been paid to shifting management modes to accommodate the dynamics of the external environment, particularly when a firm’s operating environment demands a high degree of flexibility. Building on the resource-based view as a basis for competitive advantage, we posit that differences in the stability of an organization’s environment and the degree of managerial control explain variations in the management mode used in firms. Unlike other studies which mainly focus on either the dynamics of the external environment or management control, we have developed a theoretical model combining both streams of research, in a context frame to describe under what conditions firms engage in rules-based, change-based, engagement-based and capability-based management modes. To test our theoretical framework, we conducted a survey with 54 firms in various industries and nations on how their organizations cope with a dynamic environment and what management style they used in response. Our study reveals that the appropriate mode can be determined by analyzing purpose, motivation, knowledge and information, as well as the degree of complexity, volatility and uncertainty the firm is exposed to. With our framework, we attempt to advance the understanding of when organizations should adapt their management style to the changing business environment. Full article
(This article belongs to the Special Issue Risks in Financial and Real Estate Markets)
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