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Paper eres2006_296:
SHARE PRICE REACTION OF BANKS IN THE CONTEXT OF DISPOSAL OF NON PERFORMING REAL ESTATE LOAN PORTFOLIOS: EVIDENCE FROM GERMANY

id eres2006_296
authors Rottke, Nico B.; Dirk Schiereck
year 2006
title SHARE PRICE REACTION OF BANKS IN THE CONTEXT OF DISPOSAL OF NON PERFORMING REAL ESTATE LOAN PORTFOLIOS: EVIDENCE FROM GERMANY
source Book of Abstracts: 13th Annual European Real Estate Society Conference in Weimar, Germany
summary The real estate banking industry in Germany has undergone severe changes due to changes in the legal framework, consolidation processes and economic crisis. As one of the results, German banks begin to sell their portfolios of non performing real estate loans. The six relevant transactions in Germany from 12/2003 to 12/2005 are: - Lonestar/Hypo Real Estate EUR 0.5 bn. ; - Lonestar/Dresdner Bank EUR 1.2 bn. ; - Lonestar/Hypo Real Estate EUR 3.6 bn. ; - Citigroup/Eurohypo EUR 2.4 bn. ; - Lonestar/Aareal Bank EUR 0.7 bn. ; - JP Morgan/DZ Bank EUR 0.6 bn. // The authors likes to track the reactions of the NPL-sale for the seller bank and the investor analyzing the afore mentioned transactions by surveying the short and the long term capital market reaction CAR [+1/-1] and CAR [+20/-20]. Conclusions are drawn which explain the results by focusing on the changes of the German banking industry.
keywords real estate banking; share price reaction; shareholder value; non performing loans; portfolio sales; capital market reaction (CAR)
series ERES:conference
type normal paper
discussion No discussions. Post discussion ...
ratings
session 10-C
last changed 2008/11/01 09:47
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