This paper examines the trade-offs in launching new real estate funds, specifically open-end, direct-property funds. This investment vehicle, which is designed to provide the risk-return benefits of private market real estate, is available to retail investors in a number of countries. At the...

This paper provides new evidence on the effect of housing wealth on consumption by focusing on the impact of home-equity extraction. We develop a household consumption decision model to illustrate the differential effect of home-equity extraction, relative to net home equity, on consumption. The...

The implications of regulations on real estate funds are crucial, not only for the investment opportunities but also for the stability of the investment vehicle. We observe internationally several attempts to establish (or re-establish) open-end funds, as well for real estate as for other...

Convexity in the flow-performance relationship of traditional asset class mutual funds is widely documented, however, it cannot be assumed to hold for alternative asset classes. This paper addresses this shortcoming in the literature by examining the flow-performance relationship for real estate...