Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting
Refine
Year of publication
- 2006 (12) (remove)
Document Type
- Working Paper (12) (remove)
Has Fulltext
- yes (12)
Is part of the Bibliography
- no (12)
Keywords
- Deutschland (2)
- Russland (2)
- Aktie (1)
- Aktienmarkt (1)
- Altersversorgung (1)
- Ausland (1)
- Bankkredit (1)
- Bonitätsprüfung (1)
- Börsenhandel (1)
- Corporate Governance (1)
- Geschichte 1870-2005 (1)
- Geschichte 1996-2005 (1)
- Immobilienfonds (1)
- Kreditmarkt (1)
- Mergers and Acquisitions (1)
- Pensionskasse (1)
- Rentenreform (1)
- Stabilität (1)
- Stakeholder (1)
- Steuerrückstellung (1)
- USA (1)
- Unternehmen (1)
- Wertpapier (1)
- behavioral finance (1)
- collateralized loan obligations (1)
- credit risk transfer (1)
- home bias (1)
- mergers & acquisitions (1)
- securitization (1)
- stock market (1)
Institute
165
Open-end real estate funds are of particular importance in the German bankdominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of the institutional structure of these funds and of the events that led to the crisis. Furthermore, it applies recent banking theory to open-end real estate funds in order to understand why the open-end fund structure was so prevalent in Germany. Based on these theoretical insights we evaluate the various policy recommendation that have been raised.