TY  - UNPD
A1  - Maurer, Raimond
A1  - Reiner, Frank
A1  - Sebastian, Steffen
T1  - Financial characteristics of international real estate returns : evidence from the UK, US, and Germany
T2  - Goethe-Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: Working paper series / Finance & accounting ; No. 108
N2  - Past research suggests that international real estate markets show return characteristics and interrelationships with other asset classes, which probably qualify them as an interesting component of national and international asset allocation decisions. However, the special characteristics of real estate assets are quite distinct from that of financial assets, such as stocks and bonds. This is also the case for real estate return distributions. Therefore, the proper integration of real estate markets into asset allocation decisions requires profound understanding of real estate returns' distributional characteristics .
Because of the particular characteristics of real estate, representing real estate markets through reliable a time-series is a complex task. Consequently, reliable real estate indices with a sufficiently long history in major international real estate markets are only scarcely available. Most of the research that has been done on real estate returns was done for the U.K. and U.S., where eligible indices exist. On the other hand, in other important real estate markets, such as Germany, either little or no research has been perfoimed.
In this analysis, the methodology of Maurer, Sebastian and Stephan (2000) for indirectly deriving an appraisal-based index for the German commercial real estate market will be applied. This approach is solely based on publicly available data from German open-ended real estate investment trusts. It could also provide a solution to deriving a reliable real estate time-series for other markets.
We will extend previous analyses for the U.K. and U.S. to provide additional fundamental insights into the return characteristics of the German commercial real estate market. Despite univariate considerations, the main focus is the interrelationships between various international real estate markets, as well as between those respective markets and the international stock and bond markets.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 108 
KW  - Großbritannien
KW  - Deutschland
KW  - Immobilienfonds
KW  - Rendite
KW  - Index
KW  - Indexzahl
KW  - Mengenindex
KW  - Gewerbeimmobilien
KW  - Schätzung
Y1  - 2003
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/31772
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-317727
SN  - 1434-3401
PB  - Goethe-Universität Frankfurt, Fachbereich Wirtschaftswissenschaften
CY  - Frankfurt am Main
ER  -