Purpose: The purpose of this paper is to examine the changing risk structure of German open-end funds using semi variance based performance measures. Design/methodology: The analysis focuses on an appropriate benchmark and compares classical performance measures with LPM based measures....

Special real estate funds in Germany represent more than EUR 16 billion assets in real estate. Investors, investment companies and the public domain did not yet have any access to performance data of the special real estate funds. The paper intends to close this gap and provides a thorough...

The German property market has shown a remarkably stable performance over the last decades. Especially in the worldwide financial crisis 2008 and 2009 German valuation practise has been questioned by international and especially UK market participants. The paper investigates the performance of...

The aim of the paper is to give a better understanding of the risk return relationship of various investment products in Germany. The paper analyses the performance of open ended funds (both public and special) and listed real estate companies. For the purpose of this analyis a benchmark for...