Página 24 dos resultados de 1719 itens digitais encontrados em 0.046 segundos

‣ Revisiting performance persistence in real estate funds

LaFever, Robert A. (Robert Anthony); Canizo, Luis
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 47 leaves; 219967 bytes; 219772 bytes; application/pdf; application/pdf
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In this thesis, real estate opportunity fund returns were analyzed for evidence of persistence in subsequent funds from the same manager; it is designed to update and enhance a prior thesis performed by Cathy C. Hahn (2003), using both parametric and non-parametric tests. Tests were performed on gross and net returns covering the period from 1991-2004. These tests confirm the prior finding that past fund performance is a significant indicator of future fund performance within the same firm. Our study also found the strongest evidence of persistence to exist in the extreme performers ranking in the top and bottom quartile amongst their vintage year peers. Additional tests for persistence, as well as effects of fund characteristics on performance, were employed using a methodology similar to that performed on private equity funds by Kaplan and Schoar (2003). Our tests yielded similar results to those found by Kaplan and Schoar(2003), but were not substantiated with statistical significance.; by Robert A. LaFever and Luis Canizo.; Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2005.; This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.; Includes bibliographical references (leaves 46-47).

‣ Think inside the box : an analysis of converting commercial property into self storage facilities

McKinley, Sean Jeffrey
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 107 leaves
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The modern self storage facility is a multi-tenant operating business that reflects the needs of residential and commercial customers. The industry has evolved from a transition asset to a property type that adheres to location qualities that typifies those of the modern retail facility while conforming to the architectural and aesthetical qualities of the community. Unfortunately, the modern day storage developer confronts thirty plus years of negative public perception that is typically associated with this asset class. Recent court cases are utilized to distill a general thought pattern for why local municipalities are curbing new construction of this market demanded asset class. Given the mounting barriers to entry for self storage developers juxtaposed against the continued market demand for the product, the thesis attempts to find a middle ground for these market forces in the form of converting an existing commercial structure. Two facilities are extensively researched and used as a case study for establishing a model to emulate in future conversion projects. Utilizing existing precedents and additional market resources, a step-by-step qualitative and quantitative model is designed to assist in analyzing the probability of success for a future conversion opportunity.; (cont.) Qualitatively...

‣ Private vs. public ownership of power generation in Mexico : should environmental policymakers care?; Private versus public ownership of power generation in Mexico

Flores Montalvo, Andres, 1967-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 236 p.
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Congress has not yet approved regulatory reform in the Mexican energy sector. In fact, the debate is deadlocked, with many political actors disagreeing on even the most basic principles that ought to guide future investments in energy. The disagreement persists even as the structure of the energy sector has begun to change. Privatization of power generation, for example, has accelerated over the past five years, in spite of the fact that several of the obvious legal modifications that would provide greater certainty for private investors are not in place. International firms are the primary investors. Some observers suggest that increased competition and privatization will benefit consumers by increasing energy supplies and reducing costs. These new developments, however, might have mixed environmental consequences. That is what I set out to discover. While it may be true that new investments in electricity generation can produce technology improvements that are more efficient and environmentally cleaner, it is also possible that, with competition keyed primarily to price, the free market could perpetuate fossil-fueled generation, making investments in renewable energy unattractive and reducing investments in emission abatement.; (cont.) The fact is...

‣ Should I stay or should i go? : residential mobility in ethnic enclaves in Lawrence, Massachusetts; Residential mobility in ethnic enclaves in Lawrence, Massachusetts

Stelson, Aaron (Aaron Barzelay)
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 150 p.
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Spatial assimilation theory presents a dilemma for community-based organizations (CBOs) in ethnic enclaves, especially those CBOs that assist enclavers--residents of ethnic enclaves-in building assets such as increased earnings or English fluency. The theory suggests that as immigrants build assets they are more likely to leave ethnic enclaves in search of more amenity-rich neighborhoods. Thus, the very people that could be leaders in community revitalization are also the most apt to leave, interrupting the potential positive benefits they could have on the community by, for example, spending money in community, creating businesses that employ community members, or serving on the local Parent-Teacher Association. To better understand residential mobility in ethnic enclaves in Lawrence, Massachusetts, this thesis analyzes results of a survey of Lawrence enclavers to identify which factors were important to enclavers in choosing a home both when they first moved to Lawrence and now. Further, this thesis identifies factors that Lawrence meets particularly well and factors that leave room for improvement across several points in time.; (cont.) Contrary to spatial assimilation theory, the findings of this thesis suggest that as enclavers build assets they are actually more likely to plan to stay in Lawrence because they are able to improve their living conditions within the enclave and still maintain wanted social and cultural connections. This implies that the dilemma Lawrence CBOs face may be less problematic than originally thought. However...

‣ Mispricing income growth : exploring inefficiencies in commercial real estate pricing; Exploring inefficiencies in commercial real estate pricing

Rowe, Patrick D. (Patrick Daniel)
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 55 p.
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This paper is an investigation into the relationship between real estate capitalization rates and income growth. The paper includes a cross-sectional analysis of approximately 25 markets in the United States. The paper analyzes apartment and office markets separately, for two different periods of time. Multi-variable regression techniques are used to explore the relationships between cap rates in different markets and rent growth, appreciation, and employment growth, as well as Liquidity and Supply Constraint factors. For this analysis, periods of time were chosen ranging from 1996 to 2002 so that subsequent rental growth, appreciation, and employment growth data was available. With this information, future growth of these variables is back tested. The results of the regressions are then compared to the theoretical relationships that should exist between cap rates and future income growth and appreciation. The results show that market pricing does not accurately price future income growth in a consistent manner. This provides significant evidence that the real estate capital market is inefficient in its pricing of assets in different markets based on the future rental behavior in individual markets. The last aspect of the thesis is the development of an investment strategy that capitalizes on the inefficiencies discovered in the analysis. The strategy enables the investor to make investments that should demonstrate superior risk-adjusted returns based on the space market fundamentals in individual markets.; by Patrick D. Rowe.; Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology...

‣ Does property market risks matter in commercial mortgage loan pricing : an inquiry into the determinants of commercial mortgage loan spread

Wang, Xin, S.M. Massachusetts Institute of Technology; Chen, Hongfei
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 74 leaves
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The study takes a quantitative approach to test the determinants of commercial mortgage loan pricing at origination. The determinants include capital market risk, property market risks, mortgage terms and property characteristics. Taken into consideration of the endogenous factor between loan spread and LTV ratio, we use the OLS and 2SLS model to examine the variables of driving the spread and LTV and the interaction between them. The conclusion is drawn that there is little linkage between property market risks and commercial mortgage loan spread at origination. Therefore, commercial mortgage is mispriced in terms of property market risks.; by Xin Wang & Hongfei Chen.; Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2007.; This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.; Includes bibliographical references (leaves 51-52).

‣ Overcoming barriers to energy efficiency for rental housing

Williams, Beth E. (Beth Ellen)
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 92 p.
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Improving building energy efficiency is widely recognized as one of the best strategies for combating climate change and other energy problems. Energy efficiency implementation has been slow, however, due to a number of practical barriers, and few building sectors face higher hurdles to energy efficiency than rental housing. In this thesis I ask: What are the major barriers to investment in energy efficiency for rental housing? How well do existing policies and programs address these barriers? And finally, which strategies are best suited to overcome the barriers that face rental housing efficiency? I describe several barriers, from split incentives to transaction costs, that limit energy efficiency for rental housing. Existing policies and efficiency programs do not adequately address most of these barriers. While there is no silver bullet solution to facilitate energy efficiency for rental housing, I identify a variety of policy options that can be implemented at the federal, state, and local levels. One measure in particular, a "green lease," holds great promise for overcoming split incentives and other obstacles. A combination of voluntary and regulatory measures will be necessary to deeply penetrate the rental housing efficiency market. Finally...

‣ Motivating communities to shop locally : implications of ethical behavior marketing for independent businesses

Kilmer-Neel, Erin B. (Erin Blythe), 1970-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 183 p.; 8321404 bytes; 8465702 bytes; application/pdf; application/pdf
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Local independent businesses are critical to the economic health and quality of life of communities. This thesis examines whether marketing can motivate people to consciously and reliably support local independent businesses in their community. The first chapter provides an introduction to the problem, explains why marketing can be a solution, and describes how one emerging type of organization - the Independent Business Association - is currently engaged in this process. Chapter 2 reviews the literature on social marketing to develop a framework for analyzing marketing campaigns, and the literature on ethical consumerism to recognize trends and identify characteristics of the typical ethical consumer. Chapter 3 uses a social marketing framework to examine four ethically-motivated organizations who market products to consumers: SERRV, Ten Thousand Villages, TransFair USA, and CISA. Each case study discusses the organization's marketing goals, strategies (positioning and target markets), and tactics (product, price, place, and promotion). Chapter 4 provides recommendations to Independent Business Associations for creating marketing campaigns that encourage community support for local independent businesses, and makes conclusions based on the research.; by Erin B. Neel.; Thesis (M.C.P.)--Massachusetts Institute of Technology...

‣ Corporate social responsibility in Brazil : a comparative analysis of two paper companies

Nascimento, Ana Paula M. do, 1966-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 62 leaves; 3718317 bytes; 3724147 bytes; application/pdf; application/pdf
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If being socially responsible can result in short or long-term economic benefits, then why do not all companies adopt corporate social responsibility (CSR) practices? This thesis draws on general assumptions from illustrative examples of two paper companies in Brazil--Aracruz and Riocell-- to answer this question. The two examples suggest that stakeholder pressure, managers' perceptions of the economic benefits of CSR and managers' environmental and social values affect the decisions of companies to adopt corporate social responsibility. In addition, data from these two paper companies indicate that company size and economic and political context explain the variations of CSR practices between Aracruz and Riocell. This study argues that both companies have responded to pressures from stakeholders in different ways. As a result, their corporate social responsibility practices have been different. If the goals of companies are to demonstrate increased commitment to corporate social responsibility and to strengthen these practices, businesses need to focus on extending their actions beyond compliance, and incorporate corporate social responsibility as part of their policies.; by Ana Paula M. do Nascimento.; Thesis (M.C.P.)--Massachusetts Institute of Technology...

‣ Balance : Lancaster County's tragedy

Gingrich, Valerie (Valerie J.)
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 67 p.
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Lancaster County, Pennsylvania residents are proud of their agricultural heritage. They do not want to see their farmland disappear. But the County continues to be developed into residential subdivisions. This thesis explores the inconsistency in the perspectives and actions of residents regarding farmland preservation and development. Contrary to what you might expect, those in the County who want to preserve farmland and those who are developing the land are often the same people. Individuals talk about the importance of saving farmland, even though they just bought a home that was built on what was an active farm. Farmers, who have a deep connection with the County's land and know its importance, choose to develop their farms. It's not a complete mystery as to why this is happening, but it is a wonder how these individuals deal with their personal inconsistencies. How do such individuals confront the inconsistencies that they face? Furthermore, how do they justify their actions regarding the development of farmland? How do these groups of people as individuals see themselves in relation to the conflict between farmland preservation and development? Are they simply ambivalent?; (cont.) In an attempt to find out, I interviewed Lancaster County residents in two locations in the County where a farm had been developed into their single family homes. The farmer owners/developers were interviewed as well. The interviewees respond in numerous ways...

‣ Law of the landless : the Dalit bid for land redistribution in Gujarat, India

McDougal, Topher L. (Topher Leinberger)
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 125 p.
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This study examines how government's implementation of land reforms in Gujarat, India informs Dalit (i.e., 'Outcaste') activism for land redistribution. It takes as a case study the Navsarjan Trust (or simply Navsarjan), a non-profit group that advocates for Dalit land rights in Surendranagar district, Gujarat. I contend that the Dalit land movement has implicitly recognized a complex reality: the outcomes of state policy on the ground are the products of a struggle between competing caste interests located within a nested hierarchy of local government institutions. I argue that Navsarjan's strategy is to modify the strength of the links between levels in this nested game--oftentimes by allowing Dalit land appeals to bypass lower, less progressive levels of government in favor of higher ones--in order to produce favorable results for the Dalit land rights movement. This strategy explodes the myth of a monolithic, intransigent state, and portrays government rather as a framework that structures social struggle. Section 1 argues that land redistribution is seen by the Dalit activist movement as a means of verticalizing horizontal ethnic stratifications. In Section 2, I quantitatively analyze the role and effects of local government offices charged with the implementation of land reform legislation.; (cont.) I argue that the hierarchy of local government constitutes a nested battleground...

‣ Turkish residential real estate investment analysis

Ciller, Berk (Berk U.)
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 62 leaves
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This paper examines the investment potential for Turkish Residential Real Estate Market, focusing mainly on Istanbul. With a stable economy since 2002, dynamic population, geo-political location and the potential accession to EU, Turkey provides exciting opportunities to local and international investors. Turkish economy, worldwide, ranks at twentieth in terms of GDP level and in 2005, ULI/ PriceWaterhouseCoopers has ranked Istanbul as the top development market. The question the paper is trying to answer is: Does Turkey's Residential Real Estate Market provide an attractive investment opportunity? To determine this I have reviewed the following factors: economic forecasts, political stability, newly enacted mortgage market, FDI forecasts, potential for foreign real estate ownership, current status & future predictions of real estate sector, potential of EU accession and comparison to Spanish & Romanian real estate markets. The method I used to accomplish this was mainly literature review and interviews with real estate brokers/developers. Turkey's economic stability, developing mortgage market, continuing FDI, foreigners' investment in vacation houses, improving legal transparency and potential accession to European Union makes Turkey...

‣ Border-crossing knowledge networking among multinational firms : the case of R&D facilities

Shirvani-Mahdavi, Ali (Ali Agha), 1965-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 272 p.; 16977583 bytes; 17013687 bytes; application/pdf; application/pdf
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(cont.) which is expected, given their additional knowledge resources. The respondents' urgency in looking for the relevant knowledge is the primary explanation for this difference between the two networks. This difference in knowledge networking among the different groups did not result in more similar knowledge networking, within each group, implying that there are additional factors that influence the networks. These factors are, (1) respondents' personal, job-related, and social resources; (2) resource distribution among R&D facilities; (3) management initiatives; (4) level of trust; and (5) facilities' histories and mandates, and how they are influenced by government policies. This study contributes to the current literature on globalization of R&D, knowledge management, and social network theory.; I use social network methods, to (1) describe the extent of knowledge networks of R&D researchers at three facilities of a large Multinational Enterprise (MNE), dubbed AMBE Corp., located in Brazil, Canada, and China; (2) to analyze the role of personal attributes in the manner in which the individuals utilize their knowledge resources; and (3) to determine the influence of other internal and external factors that affect the respondents' knowledge networks. There are two knowledge networks under analysis are...

‣ Redistribution within a Democratic society : the 'finished business' of he Italian agrarian reform

Bianchi, Tito
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 237 p.; 12677922 bytes; 12677725 bytes; application/pdf; application/pdf
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The experience of the Italian agrarian reform defies the dominant view in today's development literature that the redistribution of agricultural land to the rural poor is not feasible under democratic regimes. This pessimistic view is based on the slowness and inefficiency of many expropriation and settlement schemes in the developing world, which have fallen victim of the undue influence of the landowners and of the technical complexities of implementation. This bleak generalization ignores the case of the Italian agrarian reform of the 1950s, which took place in the context of a newly restored democracy, and yet has effectively expropriated and redistributed hundreds of thousands of hectares to the rural poor in only three years. Despite its limited geographical coverage, agrarian reform has been able to end to a decades- long rural conflict; to eliminate the backward production system based on absentee latifundia; has re-vitalized land markets and promoted family farming. The following factors explain the unexpected effectiveness of the Italian agrarian reform. First, the concessions that the government chose to make to the landowning class - necessary within a democratic power-sharing system - consisted in a reduction of the territorial area covered by the program...

‣ Benefits of redevelopment of outdated retail centers

Gitcho, Gregory William
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 51 leaves; 2785259 bytes; 2785029 bytes; application/pdf; application/pdf
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This paper explores the benefits of redevelopment of outdated retail shopping centers and seeks to identify potential redevelopment opportunities. The focus is specific to sites located in Dallas, Texas, and the overall concept can be applied to centers elsewhere. The assumption is that redevelopment of a particular retail center improves the value of the single-family (SF) residential properties surrounding that center. The redevelopment use can be altered to include strictly retail, but preferably includes a mix of uses - such as retail, residential, and/or office - that combine to satisfy the demands of today's market and hopefully that of the future. The research and data analysis portion of this study seeks to provide evidence that redevelopment of an underutilized site does indeed enhance the value of the SF residential properties surrounding that particular site. This data and the factual results provided herein can be used to provide stakeholders with evidence of the value of redevelopment. Specifically, adjacent property owners and neighborhood groups may find comfort in a careful study rather than simply a developer's verbal description and visual depiction of the benefits of redevelopment. In addition, the municipal authority that derives tax revenue from the value of the property can also confirm that real estate tax revenue will increase with redevelopment.; by Gregory William Gitcho.; Thesis (S.M.)--Massachusetts Institute of Technology...

‣ Capital structure in mixed-use development

Bayster, Andrew P. (Andrew Philip)
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 71 leaves; 155046 bytes; 154864 bytes; application/pdf; application/pdf
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A survey-based approach was employed to determine the most important factors contributing to the successful financing of mixed-use development. Individual real estate developers were contacted to discuss their specific projects along with construction and permanent lenders. These projects contained three or more uses and were located in major metropolitan infill locations across the US. Specific questions were asked about the entire capital structure including equity, construction and permanent debt. 'The thesis contains a background on mixed-use development and its growing importance in the marketplace, discussion of equity and lending fundamentals within commercial real estate, a presentation of the data and finally an analysis of the findings. From the data, three main factors were derived that affect the ability of mixed-use developments to successfully receive financing. These include the size of the developer in relation to the project, the amount of pre-leasing and pre-sales completed and the ability to compartmentalize the project by use. These conclusions are important for any developer attempting to complete a mixed-use development of any size or complexity. To successfully build the project and appease any lender concerns...

‣ Evaluation of supportive services for homeless women

Mullins, Leslie Marie
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 97 leaves; 4926254 bytes; 4931465 bytes; application/pdf; application/pdf
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Every evening over 20 women are bused to a basement of a schoolhouse, where they will spend the night and wake up at 5:00 a.m. to face the streets as a homeless woman. These women feel as if they are invisible and their life stories and experiences are not important. This thesis will provide an outlet for the women stories to be told and also examine the effectiveness of the services where the women are residing - Father Bill's Place in Quincy, Massachusetts. I used focus groups and in depth personal life sharing interviews to investigate the homeless shelter's services. This method enabled me to relate to the clients and to make them feel comfortable enough to share their experiences at the shelter. I used interviews to examine the staff at Father Bill's Place. The clients at Father Bill's Place are seriously affected by the quality of services that are being offered.. Each day that the women feel confused about case management, disrespected by a direct care staff worker, dissatisfied with the lack of healthy food options, sicken by the poor ventilation of the shelter's public space, and feel less than a human there is a crisis situation. The women do not demand luxury items, they only want to have the accurate information to be able to make inform decisions about their personal service plans and to be treated like women...

‣ The role of large-scale government-supported research institutions in development : lessons from Taiwan's Industrial Technology Research Institute (ITRI) for developing countries

Iqbal, Fareeha Yasmin, 1974-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 89 leaves; 3582128 bytes; 3581936 bytes; application/pdf; application/pdf
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This thesis seeks to examine the extent of the role that the Industrial Technology Research Institute (ITRI) played in Taiwan's high-technological development and whether developing countries of today can promote such development by creating similar institutional arrangements. Literature on innovation systems was reviewed, particularly national innovation systems and the role of R&D institutions within these. Taiwan's recent economic success, deemed attributable to economic and institutional reforms in recent decades, was also studied. In depth analysis was carried out of its leading high-technological research institute, ITRI, which bridges the gap between industry and academia. Although the case of Taiwan is sometimes presented as a unique example of industrial success of an SME-based state, this thesis argues that this success was possible because the research and development process had a large institute at its core. One way of creating such a research scale is by merging existing institutes, a process that would result in more efficient use of capital and human resources. The case of high-technological development in Pakistan is briefly assessed in order to gauge how its existing institutions structure could be amended to allow such changes to be made. The study concludes with the following three main points: (i) scale is an important factor: Taiwan's SME-based industry was able to succeed because of a large research institute at its core; (ii) in developing countries...

‣ A growing space for dialogue : the case of street vending in Nairobi's Central Business District

Kamunyori, Sheila Wanjiru
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 71 p.
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The tension in Nairobi between the desired modernization of the city and the ongoing "un-modern" activity of street vending is replicated in many cities in developing countries, often pitting the city's local government and formal businesses against street vendors. However, informal sector activities, such as street vending, provide sustenance for many citizens and contribute substantially to the economy. Therefore, for these cities to truly develop economically, it has become critical to understand how the local government, formal businesses and street vendors can work together. In Nairobi's Central Business District, while on the surface the cat-and-mouse game still continues between the two sides over the tug-of-war for "modern" streets, a growing space for dialogue between the different parties is emerging. This dialogue space has brought street vendors in touch with policy-makers for the first time. This thesis explores the factors that have led to this growing space.; (cont.) Four associations emerge as key elements in linking the street vendors to the discourse on policy; one city-level formal business association, Nairobi Central Business District Association (NCBDA), one city-level street vendors' association, Nairobi Informal Sector Confederation (NISCOF)...

‣ Factors influencing German private equity investment in US real estate

Paelmo, Kay L. (Kay Lee), 1977-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 78 leaves; 4969965 bytes; 4969773 bytes; application/pdf; application/pdf
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This thesis identifies and ranks in order of importance the key factors influencing high net-worth German investors' decisions about US real estate private equity investments. Through research and in-depth interviews with key clients and investment advisors of Taurus Investment Holdings, LLC, each factor is examined based on available data and is ranked in a significance hierarchy according to client responses. Interview results indicate that "Higher Expected Returns in US Real Estate," "Trust in the Investment Advisor/Company," and "Diversification" are the three most influential factors for investor decisions about US real estate investment. Investors reported that exogenous factors such as German and US tax laws, US economic/political climate, and currency exchange rates are not as important. However, these exogenous factors are intimately linked to the more personal factors: both rational (Higher expected returns in US real estate, Diversification benefits) and emotional ones (Trust in the Investment Advisor). Furthermore, investors' decisions to invest in US real estate is crucially dependent on their trust in the investment advisor, regardless of high promised returns or diversification benefits. In a global recession where the sagging US economy and the weakening US dollar have eroded the returns for German investors with US real estate investments...