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German Real Estate Funds – Changes in Return Distributions and Portfolio Favourability
Stein, Michael - 2013
Since 2008, the German open-ended real estate fund (GOEREF) industry has experienced a critical phase of suspensions of redemption of fund shares, announced fund terminations and, eventually, introduction of a new regulation. With assets under management of over EUR 80 billion, GOEREFs are the...
Persistent link: https://www.econbiz.de/10010327834
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German real estate funds : changes in return distributions and portfolio favourability
Stein, Michael - 2013
Since 2008, the German open-ended real estate fund (GOEREF) industry has experienced a critical phase of suspensions of redemption of fund shares, announced fund terminations and, eventually, introduction of a new regulation. With assets under management of over EUR 80 billion, GOEREFs are the...
Persistent link: https://www.econbiz.de/10010211901
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German Real Estate Funds – Changes in Return Distributions and Portfolio Favourability
Stein, Michael - Rheinisch-Westfälisches Institut für … - 2013
Since 2008, the German open-ended real estate fund (GOEREF) industry has experienced a critical phase of suspensions of redemption of fund shares, announced fund terminations and, eventually, introduction of a new regulation. With assets under management of over EUR 80 billion, GOEREFs are the...
Persistent link: https://www.econbiz.de/10010860307
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How much for a haircut? : illiquidity, secondary markets, and the value of private equity
Bollen, Nicolas P. B.; Sensoy, Berk A. - 2016
Limited partners (LPs) of private equity funds commit to invest with extreme levels of illiquidity and significant uncertainty regarding the timing of capital flows. Secondary markets have emerged which alleviate some of the associated cost. This paper develops a subjective valuation model...
Persistent link: https://www.econbiz.de/10011772208
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Circuit Breakers and Market Runs
Draus, Sarah; Achter, Mark van - Centro Studi di Economia e Finanza (CSEF) - 2012
This paper analyzes whether the application of a “circuit breaker” to a financial market (i.e. a mechanism that interrupts trading for a predetermined period when the price moves beyond a predetermined level) reaches its intended goals of increased market stability and overall welfare. Our...
Persistent link: https://www.econbiz.de/10010800993
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The Fragility of Discretionary Liquidity Provision: Lessons from the Collapse of the Auction Rate Securities Market
Han, Song; Li, Dan - Hong Kong Institute for Monetary Research (HKIMR), … - 2011
We study the fragility of discretionary liquidity provision by major financial intermediaries during systemic events. The laboratory of our study is the recent collapse of the auction rate securities (ARS) market. Using a comprehensive dataset constructed from auction reports and intraday...
Persistent link: https://www.econbiz.de/10008852394
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Liquidation in the Face of Adversity: Stealth Vs. Sunshine Trading, Predatory Trading Vs. Liquidity Provision
Schoeneborn, Torsten; Schied, Alexander - Volkswirtschaftliche Fakultät, … - 2007
We consider a multi-player situation in an illiquid market in which one player tries to liquidate a large portfolio in a short time span, while some competitors know of the seller's intention and try to make a pro¯t by trading in this market over a longer time horizon. We show that the...
Persistent link: https://www.econbiz.de/10005616623
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Predatory Trading
Brunnermeier, Markus K; Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2004
This Paper studies predatory trading: trading that induces and/or exploits other investors’ need to reduce their positions. We show that if one trader needs to sell, others also sell and subsequently buy back the asset. This leads to price overshooting and a reduced liquidation value for the...
Persistent link: https://www.econbiz.de/10005791996
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Does Islamic Finance Outperform Conventional Finance ? Further Evidence from the recent financial crisis
Jawadi, Fredj; Jawadi, Nabila; Louhichi, Waël - Institut de Préparation à l'Administration et à la … - 2014
This paper aims to study the performance of Islamic finance regarding that of conventional finance over the last decade … higher performance and lower risk. Indeed, thanks to the ethical and moral aspect of Islamic finance, its products seem to be … financial downturns. In this paper, we address this question using different indicators and measures of performance that we have …
Persistent link: https://www.econbiz.de/10010764024
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German real estate funds: changes in return distributions and portfolio favourability
Stein, Michael - In: Journal of European Real Estate Research 7 (2014) 1, pp. 87-111
Purpose – Since 2008, the German open-ended real estate fund (GOEREF) industry has experienced a critical phase of suspensions of redemption of fund shares, announced fund terminations and, eventually, introduction of a new regulation. With assets under the management of over 80 billion,...
Persistent link: https://www.econbiz.de/10014862883