This study re-examines the relationship between real estate securities and inflation in a total of ten international markets. In addition to the raw data, both the orthogonalized and hedged approaches were adopted in order to strip out the general impact of the domestic equity market. The...

This study investigates systematic monthly return regularities in the listed equity returns of twelve European property companies.? Significant monthly effects exist in all sampled countries with Germany as the single exception. Furthermore, the findings provide evidence of abnormally high...

Purpose - The valuation of property companies and fair value accounting for investment properties under IFRS are closely affiliated with each other. This is because property companies are commonly valued using net asset value as a valuation technique. The term net asset value represents the fair...

This paper examines how the reporting model for a firm's operating assets affects analyst forecast accuracy. We contrast UK and US investment property firms having real estate as their primary operating asset, exploiting that UK (US) firms report these assets at fair value (historical cost). We...

This paper examines pricing differences across recognized and disclosed fair values. We build on prior literature by examining two theoretical causes of such differences: lower reliability of the disclosed information, and/or investors' higher related information processing costs. We examine...

This article conducts an attribution analysis for German real estate funds. The performance of real estate funds within Germany is dissected into property returns, liquidity returns, leverage and expenses. Furthermore a model is set up to explain annual fund returns using the factors investor...

The market of German property funds that revalue their real estate assets at least once a year can be subdivided by their legal structure into listed property companies, listed REITs, open-ended public funds and open-ended Spezialfonds. Unlike most other developed real estate markets, the German...

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....