German open end real estate funds are internationally the only exceptionwhich have been for almost 50 years very successful. Since 2004, the whole sectorsuffers a crisis which is very close, if not already identical, to a bank run.Both phenomenon seek an explanation. The ongoing crisis let to...

The pricing of closed-end funds in the United States has been a focus of debate aboutmarket efficiency. Institutional ownership of closed-end fund shares in the UnitedKingdom is much greater than in the U.S., yet share prices display similar evidence ofnoise trading...