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...

Open‐end real estate funds (so‐called ‘<italic>Offene Immobilienfonds</italic>’) play a major role in the German market for securitized 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...

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...

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%...

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...

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...

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 using an hedonic model. The functional form is specified using a general Box–Cox function. The data basis covers 84 686 transactions...

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...