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  • 1.
    Breuer, Wolfgang
    et al.
    Department of Finance, RWTH Aachen University, Aachen, Germany.
    Soypak, Can K.
    Department of Finance, RWTH Aachen University, Aachen, Germany.
    Steininger, Bertram I.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Economics and Finance.
    Magnitude Effects in Lending and Borrowing: Empirical Evidence from a P2P Platform2020In: European Journal of Finance, ISSN 1351-847X, E-ISSN 1466-4364, Vol. 26, no 9Article in journal (Refereed)
    Abstract [en]

    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 effects. Against this background, we then offer the first comprehensive empirical analysis of this issue based on real-life transaction data. To do so, we rely on more than 9,000 credit applications from the formerly largest German peer-to-peer (P2P) lending platform, Smava, between February 2007 and April 2013. We confirm that there is a conventional magnitude effect for lending money to others but a reverse magnitude effect for borrowing decisions. We suggest, as an explanation for our findings, the prevalence of cost-based determinants of magnitude effects in this special setting.

  • 2.
    Engerstam, Sviatlana
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Economics and Finance.
    Macroeconomic determinants of apartment prices in Swedish and German citiesManuscript (preprint) (Other academic)
    Abstract [en]

    We study the long-term effects of macroeconomic fundamentals on apartment prices in major urban areas in Sweden and Germany. The panel cointegration analysis was chosen as the primary approach due to the limited availability of data for a more extended period and frequency. The dataset consists of 2 countries – Germany and Sweden. The Swedish dataset includes three major cities and a period of  23 years, while the German dataset includes 7 “Big cities” for 29 years. Pooling the observations allows overcoming data restrictions in econometric analysis of long-term time series such as spatial heterogeneity, cross-sectional dependence and non-stationary, but cointegrated data. The results lie in line with previous studies and also allow comparison of single city estimations in an integrated equilibrium framework. The empirical results indicate that apartment prices react much stronger on changes in fundamentals in major Swedish cities than in German ones despite quite similar underlying fundamentals. Comparative analysis of regulations on the rental market, bank lending policies, and approaches to valuation for mortgage purposes in these two countries provide evidence that this overreaction arises due to institutional differences in form bank lending policies, mortgage valuation practices, and regulations on the rental market. Application of the more sustainable value concept such as mortgage lending value in mortgage valuations could make lending for housing less procyclical and stabilize house prices over the long run. Moreover, it will help to keep house prices away from overreaction on changes in macroeconomic fundamentals.

  • 3.
    Hermansson, Cecilia
    et al.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Economics and Finance.
    Sara, Jonsson
    Stockholm University, Stockholm Business School.
    Managing one's personal finances: Are women more overconfident than men?Manuscript (preprint) (Other academic)
    Abstract [en]

    We investigate gender differences in overconfidence in managing one’s personal finances and find that women are more overconfident than men in this context. Overconfidence decreases with educational level for both genders, however, the decrease is larger for men.

  • 4.
    Pommeranz, Carolin
    et al.
    RWTH Aachen University, Institut Für Real Estate Finance, Templergraben 64, Aachen, 52062, Germany.
    Steininger, Bertram I.
    KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management, Real Estate Economics and Finance.
    Immobilienpreiseffekte durch Hochwassergefahren (Effects on real estate prices due to risks of flooding)2018In: Wasser und Abfall, ISSN 1436-9095, Vol. 20, no 10, p. 44-48Article in journal (Refereed)
    Abstract [de]

    Hochwassergefahren haben, sofern sie wahrgenommen werden, einen negativen Einfluss auf Immobilienpreise und tragen damit signifikant zur Wohlfahrtsminderung bei. Interdisziplinäre Ansätze aus dem Bauingenieurwesen und der Immobilienökonomie ermöglichen die quantitative Erfassung und Berücksichtigung dieser sekundären Schäden innerhalb des Hochwasserrisikomanagements. Die Auswirkungen von Hochwassergefahren auf Immobilienpreise werden am Untersuchungsgebiet Sachsen und den Hochwasserereignissen 2002 und 2013 aufgezeigt.

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