German abstract: Das Erbbaurecht ist eine probate Alternative zum klassischen Volleigentum. Vorrangig von Kommunen und Stiftungen angewandt, ist diese Form der Grundstücksteilung in vielen entwickelten Ländern die typische Form des Immobilienerwerbs. Vor dem Hintergrund des niedrigen...

Focusing on the role of the investment horizon, we analyze the inflation-hedging abilities of stocks, bonds, cash and direct commercial real estate investments. Based on vector autoregression for the UK market we find that the inflation-hedging abilities of all assets improve with the investment...

The importance of infrastructure as an alternative asset has emerged significantly in recent years. Based on a novel dataset, this paper investigates the long-run relationships and short-run dynamics between direct and securitized infrastructure returns and the relationsship to the relevant real...

The focus of this article is the analysis of the inflation risk of European real estate securities. Following both a causal and a final understanding of risk, the analysis is twofold. First, to examine the causal influence of inflation on short- and long-term asset returns, different regression...

During the October 2008 fund crisis, approximately one-third of German open-end real estate retail funds, with total assets under management of about EUR 30 billion, were forced to close (suspend share redemptions). A fund closure generally leads to fund liquidation, which poses a serious...

Exchange rate movements lead to an additional risk for real estate in-vestments outside the Eurozone. This can be attributed to the fact that the risks of foreign currencies are generally not compensated by the market. In this case, the de-sired diversification effects of global real estate...