RISK AND RETURN OF GERMAN REAL ESTATE INVESTMENT VEHICLES
||Thomas, Matthias, Daniel Piazolo
||RISK AND RETURN OF GERMAN REAL ESTATE INVESTMENT VEHICLES
||Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
||The aim of the paper is to give a better understanding of the risk return relationship of various investment products in Germany. The paper analyses the performance of open ended funds (both public and special) and listed real estate companies. For the purpose of this analyis a benchmark for open ended funds is developed and used as a benchmark, as well as a benchmark for listed real estate companies is developed as either no suitable index exists or existing indices flawed in one way or another (e.g. market capitalization, index weighting etc. ...)Various two-dimensional performance measures are used (e.g. Sharpe Ratio, Treynor Ratio, Tracking Error) for the purpose of ranking the various investment possibilities.
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