Both banks and open end real estate funds effectuate liquidity transformation in large amounts and high scales. Because of this similarity the latter should be analyzed using the same methodologies as usually applied for banks. We show that the work in the tradition of Diamond and Dybvig (1983),...

German open end real estate funds are internationally the only exceptionwhich have been for almost 50 years very successful. Since 2004, the whole sectorsuffers a crisis which is very close, if not already identical, to a bank run.Both phenomenon seek an explanation. The ongoing crisis let to...

Open end funds for private investors offer in general daily redemption of outstanding shares. A high liquidity of shares is in sharp contrast to the illiquidity of real estate. Therefore, the typical construction for real estate funds which are designed for a broader public is closed ended....

In this paper, we calculate a transaction–based price index for apartments in Paris (France). The heterogeneous character of real estate is taken into account using an hedonic model. The functional form is specified using a general Box–Cox function. The data basis covers 84 686 transactions...

The focus of this article is the analysis of the inflation risk of European real estate securities. Following both a causal and a final understanding of risk, the analysis is twofold. First, to examine the causal influence of inflation on short- and long-term asset returns, different regression...

Der vorliegende Beitrag zeigt verschiedene Möglichkeiten auf, um repräsentative Renditen für die Anlageklasse Immobilien berechnen zu können. Betrachtet werden Indizes auf der Basis (i) von regelmäßig bewerteter Immobilienportefeuilles, (ii) auf Basis von Markttransaktionen in Immobilien...