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Return Patterns of German Open-End Real Estate Funds

An Empirical Explanation of Smooth Fund Returns

by Sebastian Gläsner (Author)
Thesis XII, 111 Pages

Summary

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.

Details

Pages
XII, 111
ISBN (PDF)
9783653003000
ISBN (Hardcover)
9783631604069
Language
English
Publication date
2010 (December)
Published
Frankfurt am Main, Berlin, Bern, Bruxelles, New York, Oxford, Wien, 2010. XII, 111 pp., num. tables and graphs

Biographical notes

Sebastian Gläsner (Author)

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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Title: Return Patterns of German Open-End Real Estate Funds