TY  - UNPD
A1  - Maurer, Raimond
A1  - Reiner, Frank
A1  - Rogalla, Ralph
T1  - Risk and return of open-end real estate funds : the German case
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 114
N2  - Open-end real estate funds (so called “Offene Immobilienfonds”) play a major role in the German market for securitised real estate investments. Such funds are pools of money from many investors, which are invested in real estate by special investment management companies. This study seeks to identify the risk and return profile of this investment vehicle (before and after income taxes), to compare them with those of other major asset classes, and to provide implications for their appropriate role in a mixed-asset portfolio. Addition-ally, an overview of the institutional architecture and role of German open-end real estate funds is given. Empirical evidence suggests that the financial characteristics of open-end real estate funds are in many respects similar to those reported for direct real estate invest-ments. Accordingly, German open-end real estate funds qualify for medium and long-term investment horizons, rather than for shorter holding periods.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 114 
KW  - open-end real-estate fund
KW  - asset allocation
KW  - long-term investments
KW  - shortfall risk
KW  - Deutschland
KW  - Immobilienfonds
KW  - Portfoliomanagement
KW  - Rendite
KW  - Risiko
KW  - Geschichte 1975-2002
Y1  - 2003
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3697
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-17840
PB  - Univ., Fachbereich Wirtschaftswiss.
CY  - Frankfurt am Main
ER  -