Return Patterns of German Open-End Real Estate Funds: An Empirical Explanation of Smooth Fund Returns: 1 (Corporate Finance and Governance) - Tapa dura

Gläsner, Sebastian

 
9783631604069: Return Patterns of German Open-End Real Estate Funds: An Empirical Explanation of Smooth Fund Returns: 1 (Corporate Finance and Governance)

Sinopsis

The aim of this study is to better understand stable capital growth of German properties and to contribute to the explanation of stable fund returns. In the course of the investigation, evidence is found that both phenomena are interrelated. All analyses are based on publicly available data ; therefore they are not limited by client interests. Results show three different pieces of evidence on return smoothing, namely the influence on valuation, the timing of valuations, and the influence on returns resulting in return differences by calendar months. Together with the notion of internationally uniquely stable returns, it seems impossible to extract true asset volatility from the observed appraisal-based time series.

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Acerca del autor

The Author: Sebastian Michael Gläsner studied at the European Business School and achieved a master in business administration (Dipl. Kaufmann) with a focus on real estate and controlling in 2005. He works currently in the area of fund benchmarking.

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