Purpose – This paper aims to uncover potential contemporaneous relationship between foreign portfolio investment (FPI) and another popular type of cross-border investment outflow, namely, foreign direct investment (FDI). Design/methodology/approach – The relationship between FPI and FDI are...

Purpose – The closed‐end fund puzzle is one of the most famous unsolved issues in financial economics and as such, over time, it has raised the interest of many authors also in the real estate field. The aim of this paper is both to determine whether the effect of leverage on net asset value...

Purpose – In Germany, open‐ended funds represent the prevailing form of indirect real estate investment for retail and institutional investors. The purpose of this paper is to address whether significant performance differences occur between retail and institutional funds....

Purpose – The purpose of this paper is to define an approach useful to evaluate real estate funds on the specific characteristics of the Italian market and on the basis of international best practices. Design/methodology/approach – The first step is to identify specific factors and portfolio...

Purpose – Italian real estate mutual funds have shown enormous growth over the past few years, however, little is known about their performance. The purpose of this paper is to correct this oversight. Design/methodology/approach – The risk‐adjusted performance, as measured by the Sharpe...

Purpose – Since the mid‐1990s, in a generally strongly performing property market, there has been huge growth in the aggregate size and number of global property funds in both listed and unlisted formats. Managers have been able to raise significant capital, which potentially rewards them...

Purpose – The purpose of this paper is to investigate the influence of the Italian real estate investment trusts (REITs)' governance and regulatory structure on the market prices discount to net asset values (NAV). Design/methodology/approach – The hypothesis is that the overall regulatory...

The Polish programme of National Investment Funds is a particular form of mass privatisation. The purpose of this programme is to implement a privatisation of a definite part of the state property, to create conditions for all adult Polish citizens residing in Poland to participate in the...

The main purpose of this paper is to approach the legal problems of mass privatisation in Poland. The authors present the structure of national investment funds which intend to be the experimental financial intermediaries in Poland. Their assets are quoted on the Stock Exchange in Warsaw from...

This paper discusses the privatisation process in the Czech Republic and its influence on corporate governance. While in 1989 the private sector totalled less than 1 per cent of the GDP, at the end of 1996 more than 70 per cent of the GDP was produced by the private sector. Large‐scale...