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Journal of Property Research Volume 21, 2004 - Issue 3
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Return and risk of German open‐end real estate funds

Raimond Maurer Goethe‐University, Department of Finance, Senckenberganlage 31‐33 (Uni‐PF 58), 60054 Frankfurt am Main, Germany
,
Frank Reiner Corresponding author Goethe‐University, Department of Finance, Senckenberganlage 31‐33 (Uni‐PF 58), 60054 Frankfurt am Main, Germany
&
Ralph Rogalla Goethe‐University, Department of Finance, Senckenberganlage 31‐33 (Uni‐PF 58), 60054 Frankfurt am Main, Germany
Pages 209-233 | Received 22 Oct 2003, Accepted 19 Jan 2005, Published online: 17 Feb 2007

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Sebastian Schnejdar, René-Ojas Woltering, Michael Heinrich & Steffen Sebastian. (2022) Fund Closure Risks of Open-End Real Estate Funds. Journal of Real Estate Research 44:4, pages 447-472.
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Jean-Christophe Delfim & Martin Hoesli. (2016) Risk factors of European non-listed real estate fund returns. Journal of Property Research 33:3, pages 190-213.
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Articles from other publishers (32)

Thomas Paul, Thomas Walther & André Küster-Simic. (2021) Empirical analysis of the illiquidity premia of German real estate securities. Financial Markets and Portfolio Management 36:2, pages 203-260.
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Philipp Gerlach & Raimond Maurer. (2020) The Growing Importance of Secondary Market Activities for Open-end Real Estate Fund Shares in Germany. Schmalenbach Business Review 72:1, pages 65-106.
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Eszter Baranyai. (2019) Open-ended real estate funds: from flows to property. Journal of Property Investment & Finance 37:6, pages 555-569.
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Korhan Gokmenoglu & Siamand Hesami. (2019) Real estate prices and stock market in Germany: analysis based on hedonic price index. International Journal of Housing Markets and Analysis 12:4, pages 687-707.
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Graeme Newell & Muhammad Jufri Marzuki. (2018) The emergence and performance of German REITs. Journal of Property Investment & Finance 36:1, pages 91-103.
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Apostolos Kiohos, Vassilios Babalos & Athanasios Koulakiotis. (2017) Wealth effect revisited: Novel evidence on long term co-memories between real estate and stock markets. Finance Research Letters 20, pages 217-222.
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Steffen Sebastian, Till Strohsal & René-Ojas Woltering. 2017. Understanding German Real Estate Markets. Understanding German Real Estate Markets 279 293 .
Roberto Cervelló-Royo, Francisco Guijarro, Thomas Pfahler & Marion Preuss. (2015) An Analytic Hierarchy Process (AHP) framework for property valuation to identify the ideal 2050 portfolio mixes in EU-27 countries with shrinking populations. Quality & Quantity 50:5, pages 2313-2329.
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Christian Weistroffer & Steffen Sebastian. (2014) The German Open-End Fund Crisis – A Valuation Problem?. The Journal of Real Estate Finance and Economics 50:4, pages 517-548.
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Falko Fecht & Michael Wedow. (2014) The dark and the bright side of liquidity risks: Evidence from open-end real estate funds in Germany. Journal of Financial Intermediation 23:3, pages 376-399.
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Lars Helge Haß, Christian Koziol & Denis Schweizer. (2014) What Drives Contagion in Financial Markets? Liquidity Effects versus Information Spill-Over. European Financial Management 20:3, pages 548-573.
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Michael Stein. (2014) German real estate funds: changes in return distributions and portfolio favourability. Journal of European Real Estate Research 7:1, pages 87-111.
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Denis Schweizer, Lars Helge Haß, Lutz Johanning & Bernd Rudolph. (2011) Do Alternative Real Estate Investment Vehicles Add Value to REITs? Evidence from German Open-ended Property Funds. The Journal of Real Estate Finance and Economics 47:1, pages 65-82.
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Lars Helge Haß, Lutz Johanning, Bernd Rudolph & Denis Schweizer. (2012) Open-ended property funds: Risk and return profile — Diversification benefits and liquidity risks. International Review of Financial Analysis 21, pages 90-107.
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Raimond Maurer, Ralph Rogalla & Yuanyuan Shen. (2012) The liquidity crisis of German open-end real estate funds and their impact on optimal asset allocation in retirement. Zeitschrift für Betriebswirtschaft 82:S1, pages 79-107.
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Raimond Maurer, Ralph Rogalla & Yuanyuan Shen. 2012. Real Estate Finance. Real Estate Finance 79 107 .
Steffen Sebastian & Till Strohsal. 2012. Understanding German Real Estate Markets. Understanding German Real Estate Markets 301 313 .
G. Jason Goddard & Bill MarcumG. Jason Goddard & Bill Marcum. 2012. Real Estate Investment. Real Estate Investment 253 272 .
Dirk Kiesewetter & Kristin Schönemann. (2011) Der Einfluss von Steuern und Subventionen auf die Rendite fremd- und selbst genutzter Wohnimmobilien in Deutschland. Perspektiven der Wirtschaftspolitik 12:2, pages 104-131.
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Dirk Kiesewetter, Tina Bensemann & Kristin Schönemann. (2014) Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s. Business Research 2:1, pages 11-37.
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Richard J. MacCowan & Allison M. Orr. (2008) A behavioural study of the decision processes underpinning disposals by property fund managers. Journal of Property Investment & Finance 26:4, pages 342-361.
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Christina E Bannier, Falko Fecht & Marcel Tyrell. (2008) Open-End Real Estate Funds in Germany – Genesis and Crisis. Kredit und Kapital 41:1, pages 9-36.
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Ulrich Schacht & Jens Wimschulte. (2008) German property investment vehicles and the introduction of G‐REITs: an analysis. Journal of Property Investment & Finance 26:3, pages 232-246.
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Steffen P. Sebastian & Marcel Tyrell. (2006) Open End Real Estate Funds - Diamond or Danger?. SSRN Electronic Journal.
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Sebastian Schnejdar, Michael Heinrich, René-Ojas Woltering & Steffen P. Sebastian. (2018) The Determinants of Real Estate Fund Closures. SSRN Electronic Journal.
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Jean-Christophe Delfim & Martin Hoesli. (2016) Risk Factors of European Non-Listed Real Estate Fund Returns. SSRN Electronic Journal.
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Michael Stein. (2013) German Real Estate Funds Changes in Return Distributions and Portfolio Favourability. SSRN Electronic Journal.
Crossref
Michael Stein. (2013) German Real Estate Funds: Changes in Return Distributions and Portfolio Favourability. SSRN Electronic Journal.
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Falko Fecht & Michael Wedow. (2010) The Dark and the Bright Side of Liquidity Risks: Evidence from Open-End Real Estate Funds in Germany. SSRN Electronic Journal.
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Matthias Thomas, Daniel Piazolo & Sebastian Michael Gläsner. (2010) Analyzing the Changing Risk and Return Structure of German Open-Ended Funds Using Semivariance Based Performance Measures. SSRN Electronic Journal.
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Falko Fecht & Michael Wedow. (2009) The Dark and the Bright Side of Liquidity Risks: Evidence from Open-End Real Estate Funds in Germany. SSRN Electronic Journal.
Crossref
Raimond Maurer, Olivia S. Mitchell & Ralph Rogalla. (2008) Reforming German Civil Servant Pensions: Funding Policy, Investment Strategy, and Intertemporal Risk Budgeting. SSRN Electronic Journal.
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