Open‐end real estate funds (so‐called ‘<italic>Offene Immobilienfonds</italic>’) play a major role in the German market for securitized real estate investments. Such funds are pools of money from many investors, which are invested in real estate by special investment management companies. This study...

Open-end real estate funds (so called “Offene Immobilienfonds”) play a major role in the German market for securitised real estate investments. Such funds are pools of money from many investors, which are invested in real estate by special investment management companies. This study seeks to...

Real Estate has always been an investment class of its own, firstly, due to different risk/return characteristics than stocks and interest bearing assets and secondly, due to specific interdependencies to other assets in terms of return. These interdependencies are likely to be small, be it on a...

Using the Johansen test for cointegration, we examine to which extent inflation rates in the Euro area have converged after the introduction of a single currency. Since the assumption of non-stationary variables represents the pivotal point in cointegration analyses we pay special attention to...

Using the Johansen test for cointegration, we examine to which extent inflation rates in the Euro area have converged after the introduction of a single currency. Since the assumption of non-stationary variables represents the pivotal point in cointegration analyses we pay special attention to...

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...

The focus of this paper 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, we employ different...

The present study focuses on the defined financial benefits capital investors have undertaken to pay to their contracting parties during the withdrawal phase under contracts making provision for old age (also referred to as Riester contracts in Germany). The Alterszertifizierungsgesetz requires...

Life insurers use accounting and actuarial techniques to smooth reporting of firm assets and liabilities, seeking to transfer surpluses in good years to cover benefit payouts in bad years. Nevertheless, these techniques been criticized as they make it difficult to assess insurers' true financial...