Covered Bonds under Unconventional Monetary Policy

Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the

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Holger Markmann

Covered Bonds under Unconventional Monetary Policy

Essays in Real Estate Research Band 14 Edited by N. B. Rottke, Eschborn, Germany J. Mutl, Wiesbaden, Germany

Die Reihe „Essays in Real Estate Research”, herausgegeben von Professor Dr. Nico B. Rottke FRICS und Professor Jan Mutl, Ph.D. umfasst aktuelle Forschungsarbe­ iten der Promovenden der Lehrstühle und Professuren des Real Estate Manage­ ment Institutes der EBS Business School. Forschungs- und Lehrschwerpunkte des Institutes bilden die interdisziplinären Aspekte der Immobilientransaktion sowie die nachhaltige Wertschöpfungskette im Immobilienlebenszyklus. Die Kapital­ märkte werden als essenzieller Bestandteil der Entwicklung der Immobilienmärkte aufgefasst. Die in der Regel empirischen Studien betrachten transaktions- und kapitalmark­ tnahe Themenbereiche aus dem Blickwinkel der institutionellen Immobiliengew­ erbe- und -wohnungswirtschaft, wie bspw. Finanzierung, Kapitalmarktstruktur, Investition, Risikomanagement, Bewertung, Ökonomie oder Portfoliomanage­ ment, aber auch angewandte Themen wie Corporate Real Estate Management, Projektentwicklung oder Unternehmensführung. Die ersten 11 Bände der Reihe erschienen bis 2014 auch im Immobilien Manager Verlag, Köln. The series “Essays in Real Estate Research”, published by Professor Dr. Nico B. Rottke FRICS and Professor Jan Mutl, Ph.D., includes current research work of doctoral students at the chairs and professorships of the Real Estate Management Institute of EBS Business School. The research and teaching focus of the ­Institute constitutes the interdisciplinary aspects of real estate transactions as well as the sustainable value creation chain within the real estate life cycle. The capital ­markets are regarded as essential components of the development of the real estate ­markets. The mostly empirical studies consider transactional as well as capital market ­topics from the point of view of the institutional commercial and residential real estate industry, such as finance, capital market structure, investment, risk management, valuation, economics or portfolio management, but also applied topics such as corporate real estate management, real estate development, or leadership issues in the property industry. The first 11 volumes of the series appeared up until 2014 in Immo-bilien Manager Publishing, Cologne, as well. Edited by Prof. Dr. Nico B. Rottke Ernst & Young Real Estate GmbH Eschborn, Germany

Jan Mutl EBS Business School Wiesbaden, Germany

More information about this series at http://www.springer.com/series/13911

Holger Markmann

Covered Bonds under Unconventional Monetary Policy With a Foreword by Professor Dr. Nico B. Rottke and Professor Jan Mutl, PhD

Holger Markmann Wiesbaden, Deutschland Doctoral Thesis, EBS Business School, EBS Universität für Wirtschaft und Recht, Wiesbaden, Germany, 2017

Essays in Real Estate Research ISBN 978-3-658-20974-2 ISBN 978-3-658-20975-9  (eBook) https://doi.org/10.1007/978-3-658-20975-9 Library of Congress Control Number: 2018932746 Springer