In addition to the well-established forms of real estate investing (direct and listed), investors can also choose open-ended property funds (OPFs), which are considered a complementary real estate investment option. OPF fund managers generally provide daily liquidity, and these funds must...

Besides the more commonly used REITs, German investors can also invest in a lesser-known real estate vehicle, Open-ended Property Funds. OPFs are considered a compromise between listed and direct real estate investments. OPF fund managers generally provide daily (perfect) liquidity. However, if...

This paper tests the idea that financial regulation can impact performance persistence in the context of the hedge fund industry in 48 countries over the years 1994–2008. The data show evidence of three types of regulation influencing performance persistence: (1) minimum capital restrictions,...

Special Purpose Acquisition Companies (SPACs) are shells initiated with the sole intent of acquiring a single privately held company. SPAC shareholders vote on this acquisition, and in this paper we identify the factors that affect approval probability. Surprisingly, the data indicate more...

Value-at-Risk limits shall be used for allocating capital within financial institutions. Commonly the management decides on an annual basis about the amount of capital a stock trader can loose with a prespecified probability within the year. Since the holding period for trading business is much...

Ein Value-at-Risk-Limit wird als DM-Betrag gekennzeichnet, der von den tatsächlichen Handelsverlusten innerhalb einer bestimmten Zeitdauer nur mit geringer Wahrscheinlichkeit überschritten werden darf. Da der Bankvorstand i.d.R. Jahres-Value-at-Risk-Limite beschließt, im Handelsbereich die...