1. Swiss Institute of Banking and Finance; University of St.Gallen; CH-9000 St. Gallen Switzerland
2. Swiss Institute of Banking and Finance (s/bf); University of St.Gallen; CH-9000, St. Gallen, Switzerland and Centre for European Economic Research (ZEW) D-68161 Mannheim Germany
3. Center for Real Estate Studies (CRES); Steinbeis University Berlin (SHB); D-10247 Berlin Germany and Centre for European Economic Research (ZEW) D-68161 Mannheim Germany