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...

We use a unique and comprehensive data set on open-end real estate funds in Germany to study a liquidity crisis that hit this industry between 2005 and 2006. Since this industry is comparably unregulated our data set permits us to contrast competing explanations of liquidity crisis. We find that...