TY  - JOUR
A1  - Gerlach, Philipp
A1  - Maurer, Raimond
T1  - The growing importance of secondary market activities for open-end real estate fund shares in Germany
T2  - Schmalenbach business review
N2  - Shares of open-end real estate funds are typically traded directly between the investor and the fund management company. However, we provide empirical evidence for the growth of secondary market activities, i.e., the trading of shares on stock exchanges. We find high trading levels in situations where the fund management company suspends the issue or redemption of shares. Shares trade at a discount when the fund management company suspends the redemption, whereas shares trade at a premium when the fund management company suspends the issue. We also find evidence that secondary market trading activity is increasing since German regulation introduced a minimum holding period and a mandatory notice period for open-end real estate funds.
KW  - Open-end real estate funds
KW  - Secondary market
KW  - Trading restrictions
KW  - NAV-price-spread
Y1  - 2020
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/63732
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-637328
SN  - 2194-072X
N1  - This research was conducted with support from the German Investment and Asset Management Association (BVI).
N1  - Open Access funding provided by Projekt DEAL.
VL  - 72
IS  - 1
SP  - 65
EP  - 106
PB  - Springer International Publishing
CY  - Basel ; Cham
ER  -