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....

This article reviews the origins, evolution and legal discipline of U.S. Real Estate Investment Trusts (REITs) as a way of comparative contextualization of the new real state market investment listed corporations, set up by Act 1/2009, of October 26

This study examines the market response to the 1999 announcement of a change in accounting for Funds from Operations (FFO) for Real Estate Investment Trusts (REITs). This change provides an increase in transparency in the accounting statements of REITs regarding the calculation of FFO. An...

This study is the first to assess and contribute to a better understanding of the factors affecting the prices of closed-end real estate funds (CEREFs) in Germany’s secondary market. The dataset is based on 16,718 observations of realized transaction prices from 412 different German CEREFs;...

We show that mutual funds report their junior stakes in startups at 43% higher valuation than model fair values that consider multi-tier capital structures of startups. The latest-issued and most senior security is worth 48% per share than junior securities held by mutual funds, implying that...