This paper examines the major determinants of fund openings based on a large set of Germany investment families. For a sample of 2611 fund openings over the period 2004 to 2008, we find preliminary evidence suggesting that initiations are positively related to the fund familyís assets under...

This paper supplies empirical evidence of the long-term relationships between the property markets in the UK and Germany and their macroeconomy. In so doing, findings contribute to improve the evaluation of the properties¥ behaviour from a macroeconomic point of view. The analysis is based on...

We analyze the effect of diversification across property types and regions on the performance of German mutual real estate funds, the predominant vehicle for indirect real estate investment in Germany. We find weak but robust evidence that diversification across property types destroys...

Real estate is an important asset, but as a direct investment subject to several difficulties. Shares of public open end funds or of real estate stock corporations represent a possible way for an investor to avoid these problems. The focus of this paper is the analysis of inflation risk of...

Open end real estate funds are the prevailing German retail product for commercial real estate investment. Yet, relatively few empirical studies explore the distinct characteristics of this asset class; almost no evidence exists with regard to flows. Looking at aggregate and individual fund...

This paper analyzes the relation between demographic structure and real asset returns on treasury bills, bonds, stocks and real estate for the G7-countries (United States, Canada, Japan, Italy, France, the United Kingdom and Germany). Based on a macroeconomic multifactor model, a variety of...

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 by using a multiple regression model. The functional form is specified using a general Box/Cox-function. The data base covers about 65%...

Focusing on the role of the investment horizon, we analyze the inflation-hedging abilities of stocks, bonds, cash, and direct commercial real estate investments, and the implications of the inflation-hedge results for asset allocation. Based on vector autoregressions for the UK market we find...

In this paper we examine empirically the closed-end fund puzzle for stock quoted Swiss real estate mutual funds in 1970-2003. For this period shares of those mutual funds are predominately quoted with a premium to the net asset value. Using a panel approach we examine whether both the rational...

The term structures of return volatility for UK and US direct and securitized commercial real estate are compared using vector autoregressions. To capture the dynamics of the real estate asset markets it is important to include valuation ratios specific to the asset market analyzed. In the UK,...