A number of studies document that return-based fund classifications explain the cross-sectional variation in past and future fund returns better than existing industry classifications that are based on portfolio holdings or investment objectives. The present paper illustrates that return-based...

We apply a return-based classification approach on a sample of absolute return funds registered for sale in Europe. The classification process results in eight groups with specific risk and return profiles. Each group can be characterized by two dimensions of an underlying investment style:...

As a result of the liquidity crisis in October 2008, 18 open-end real estate funds with a total volume of €26 billion in assets under management had to be liquidated. Many shareholders decided to sell their shares on the secondary market instead of awaiting the iterative liquidation of the...

Open-end real estate funds are collective investment undertakings in a diversified portfolio of real estate properties. The companies that launch and manage open-end real estate funds must regularly appraise fund properties because individual market prices are not available, which means that the...

Shares of open-end real estate funds are typically traded directly between the investor and the fund management company. However, we provide empirical evidence for the growth of secondary market activities, i.e., the trading of shares on stock exchanges. We find high trading levels in situations...