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...

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...

We examine the decision to start a new mutual fund with particular emphasis on how this decision differences for the case of real estate funds. Our sample includes 1016 fund openings within the German mutual fund industry for the period 1992 to 2010. Within a logistic regression framework, the...