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Kiesewetter D, Bensemann T, Schönemann K (2009). Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s. BuR - Business Research, Vol. 2, Iss. 1, pp. 11-37, URN: urn:nbn:de:0009-20-19396
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%0 Journal Article %T Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s %A Kiesewetter, Dirk %A Bensemann, Tina %A Schönemann, Kristin %J BuR - Business Research %D 2009 %V 2 %N 1 %@ 1866-8658 %F kiesewetter2009 %X We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1) the after-tax return an investor might have expected at the beginning of the 1990s, and (2) the after-tax return that has been realized ten years after. We compare a set of statistical data for investments in fifty major cities by using complete financial budgeting. The results show that tax subsidies could not always protect investors from losing money, but they have boosted realized returns after tax considerably. Therefore, it was indeed the taxpayers, not the investors, who have borne the cost of reconstructing East Germany. %L 330 %K after-tax return on investment %K assisted area law %K empirical study %K income tax reduction %K loss offset %K property prices %K real-estate investment %K return on equity capital %K roe %K special depreciation %K tax subsidies %U http://nbn-resolving.de/urn:nbn:de:0009-20-19396 %P 11-37
Bibtex
@Article{kiesewetter2009,
author = "Kiesewetter, Dirk
and Bensemann, Tina
and Sch{\"o}nemann, Kristin",
title = "Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s",
journal = "BuR - Business Research",
year = "2009",
volume = "2",
number = "1",
pages = "11--37",
keywords = "after-tax return on investment",
keywords = "assisted area law",
keywords = "empirical study",
keywords = "income tax reduction",
keywords = "loss offset",
keywords = "property prices",
keywords = "real-estate investment",
keywords = "return on equity capital",
keywords = "roe",
keywords = "special depreciation",
keywords = "tax subsidies",
abstract = "We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1) the after-tax return an investor might have expected at the beginning of the 1990s, and (2) the after-tax return that has been realized ten years after. We compare a set of statistical data for investments in fifty major cities by using complete financial budgeting. The results show that tax subsidies could not always protect investors from losing money, but they have boosted realized returns after tax considerably. Therefore, it was indeed the taxpayers, not the investors, who have borne the cost of reconstructing East Germany.",
issn = "1866-8658",
url = "http://nbn-resolving.de/urn:nbn:de:0009-20-19396"
}
RIS
TY - JOUR AU - Kiesewetter, Dirk AU - Bensemann, Tina AU - Schönemann, Kristin PY - 2009// TI - Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s JO - BuR - Business Research SP - 11 EP - 37 VL - 2 IS - 1 KW - after-tax return on investment KW - assisted area law KW - empirical study KW - income tax reduction KW - loss offset KW - property prices KW - real-estate investment KW - return on equity capital KW - roe KW - special depreciation KW - tax subsidies N2 - We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1) the after-tax return an investor might have expected at the beginning of the 1990s, and (2) the after-tax return that has been realized ten years after. We compare a set of statistical data for investments in fifty major cities by using complete financial budgeting. The results show that tax subsidies could not always protect investors from losing money, but they have boosted realized returns after tax considerably. Therefore, it was indeed the taxpayers, not the investors, who have borne the cost of reconstructing East Germany. SN - 1866-8658 UR - http://nbn-resolving.de/urn:nbn:de:0009-20-19396 ID - kiesewetter2009 ER -
Wordbib
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ISI
PT Journal AU Kiesewetter, D Bensemann, T Schönemann, K TI Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s SO BuR - Business Research PY 2009 BP 11 EP 37 VL 2 IS 1 DE after-tax return on investment; assisted area law; empirical study; income tax reduction; loss offset; property prices; real-estate investment; return on equity capital; roe; special depreciation; tax subsidies AB We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1) the after-tax return an investor might have expected at the beginning of the 1990s, and (2) the after-tax return that has been realized ten years after. We compare a set of statistical data for investments in fifty major cities by using complete financial budgeting. The results show that tax subsidies could not always protect investors from losing money, but they have boosted realized returns after tax considerably. Therefore, it was indeed the taxpayers, not the investors, who have borne the cost of reconstructing East Germany. ER
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Full Metadata
| Bibliographic Citation | BuR - Business Research, Vol. 2, Iss. 1, pp. 11-37 |
|---|---|
| Title | Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s (eng) |
| Author | Dirk Kiesewetter, Tina Bensemann, Kristin Schönemann |
| Language | ger |
| Abstract | We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1) the after-tax return an investor might have expected at the beginning of the 1990s, and (2) the after-tax return that has been realized ten years after. We compare a set of statistical data for investments in fifty major cities by using complete financial budgeting. The results show that tax subsidies could not always protect investors from losing money, but they have boosted realized returns after tax considerably. Therefore, it was indeed the taxpayers, not the investors, who have borne the cost of reconstructing East Germany. |
| Subject | after-tax return on investment, assisted area law, empirical study, income tax reduction, loss offset, property prices, real-estate investment, return on equity capital, roe, special depreciation, tax subsidies |
| DDC | 330 |
| Rights | authorcontract |
| URN: | urn:nbn:de:0009-20-19396 |
