The Effect of Focus on the Performance of German Mutual Real Estate Funds
||Sebastian, Steffen; Bond, Shaun
||The Effect of Focus on the Performance of German Mutual Real Estate Funds
||16th Annual European Real Estate Society Conference in Stockholm, Sweden
||We analyze the effect of diversification across property types and regions on the performance of German mutual real estate funds, the predominant vehicle for indirect real estate investment in Germany. We find weak but robust evidence that diversification across property types destroys shareholder value, while regional diversification enhances value. We further find that increased expenses are not rewarded with increased performance.
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||Investment and Finance
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