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Capital structure of real estate assets: Theory and empirical evidence

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  • P. H. Raimbourg

Abstract

This paper presents a model which intends to explain the capital structure of real estate assets. The model is cast in classical portfolio choice framework, but special attention is paid to the liquidity constraint. The test of this model on two assets with different capital structures (new housing and old housing in France) revealed the importance of return indicators as well as liquidity constraint in the household's financing decisions.

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  • P. H. Raimbourg, 1987. "Capital structure of real estate assets: Theory and empirical evidence," Applied Stochastic Models and Data Analysis, John Wiley & Sons, vol. 3(3), pages 161-172.
    • Handle: RePEc:wly:apsmda:v:3:y:1987:i:3:p:161-172
    DOI: 10.1002/asm.3150030304
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