Showing 1 - 10 of 20
Real Estate has always been an investment class of its own, firstly, due to different risk/return characteristics than stocks and interest bearing assets and secondly, due to specific interdependencies to other assets in terms of return. These interdependencies are likely to be small, be it on a...
Persistent link: https://www.econbiz.de/10010799460
In this paper, we calculate a transaction based price index for apartments in Paris (France). The heterogeneous character of real estate is taken into account by using a multiple regression model. The functional form is specified using a general Box/Cox-function. The data base covers about 65%...
Persistent link: https://www.econbiz.de/10010800525
Real estate is an important asset, but as a direct investment subject to several difficulties. Shares of public open end funds or of real estate stock corporations represent a possible way for an investor to avoid these problems. The focus of this paper is the analysis of inflation risk of...
Persistent link: https://www.econbiz.de/10010799704
This paper analyzes the relation between demographic structure and real asset returns on treasury bills, bonds, stocks and real estate for the G7-countries (United States, Canada, Japan, Italy, France, the United Kingdom and Germany). Based on a macroeconomic multifactor model, a variety of...
Persistent link: https://www.econbiz.de/10010800216
The implications of regulations on real estate funds are crucial, not only for the investment opportunities but also for the stability of the investment vehicle. We observe internationally several attempts to establish (or re-establish) open-end funds, as well for real estate as for other...
Persistent link: https://www.econbiz.de/10010834546
This paper examines the major determinants of fund openings based on a large set of Germany investment families. For a sample of 2611 fund openings over the period 2004 to 2008, we find preliminary evidence suggesting that initiations are positively related to the fund familyís assets under...
Persistent link: https://www.econbiz.de/10011154299
This paper supplies empirical evidence of the long-term relationships between the property markets in the UK and Germany and their macroeconomy. In so doing, findings contribute to improve the evaluation of the properties¥ behaviour from a macroeconomic point of view. The analysis is based on...
Persistent link: https://www.econbiz.de/10011154358
We analyze the effect of diversification across property types and regions on the performance of German mutual real estate funds, the predominant vehicle for indirect real estate investment in Germany. We find weak but robust evidence that diversification across property types destroys...
Persistent link: https://www.econbiz.de/10010799363
Open end real estate funds are the prevailing German retail product for commercial real estate investment. Yet, relatively few empirical studies explore the distinct characteristics of this asset class; almost no evidence exists with regard to flows. Looking at aggregate and individual fund...
Persistent link: https://www.econbiz.de/10010799925
Focusing on the role of the investment horizon, we analyze the inflation-hedging abilities of stocks, bonds, cash, and direct commercial real estate investments, and the implications of the inflation-hedge results for asset allocation. Based on vector autoregressions for the UK market we find...
Persistent link: https://www.econbiz.de/10010800618