Late-Medieval Horse Remains at Cesis Castle, Latvia, and the Teutonic Order's Equestrian Resources in Livonia

EXCAVATIONS AT the castle complex of Cēsis, Latvia, uncovered an unusual find of large quantities of horse bones, some of which were partially articulated, along with equestrian equipment. These were associated with a destroyed building at the edge of the southern outer bailey. The horses included large males, most probably stallions, and pathology on several of the recovered vertebrae suggests these individuals had been used for riding. The size of the horses was within the range for medieval war horses, and the associated tack also pointed to prestigious riding animals. Radiocarbon dating of the bones placed them firmly within the Teutonic Order's period of rule. We conclude here that these horses fulfilled a military role in the final decades of the Teutonic Order’s rule in Livonia in the late 15th/early 16th century and that the better-known equestrian culture of late-medieval Prussia was comparable in character, if not in scale, to that in Livonia

Capital Structure Decisions in Real Estate Investment

This study examines the financing decisions of real estate investors and the choice of capital structure when acquiring income-producing properties. Drawing from the literature in finance and real estate, we develop a capital structure model for real estate investment and derive six hypotheses regarding the relationship of the overall loan-to-value ratio chosen by an investor to selected characteristics of the investment. The hypotheses are then tested using financing data from a sample of apartment and commercial transactions over a fifteen-year period in a specific real estate market. The empirical findings strongly support the importance of depreciation deductions, financial distress costs, capital constraints, tax rates, and interest rates as determinants of the capital structure of real estate investors. Copyright American Real Estate and Urban Economics Association.