TY  - BOOK
AU  - Sebastian Gläsner
PY  - 2010
CY  - Berlin, Germany
PB  - Peter Lang Verlag
SN  - 9783653003000
TI  - Return Patterns of German Open-End Real Estate Funds
T2  - An Empirical Explanation of Smooth Fund Returns
DO  - 10.3726/978-3-653-00300-0
UR  - https://www.peterlang.com/document/1044353
N2  - 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.
KW  - Bewertung (Immobilien), Offene Immobilienfonds, Wertgutachten, Immobilienbewertung
LA  - English
ER  -