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Paper eres2010_371:
THE DETERMINANTS OF FUND OPENINGS: THE CASE OF GERMAN REAL ESTATE FUNDS

id eres2010_371
authors Downs, David H.; Sebastian, Steffen
year 2010
title THE DETERMINANTS OF FUND OPENINGS: THE CASE OF GERMAN REAL ESTATE FUNDS
source 17th Annual European Real Estate Society Conference in Milan, Italy
summary This paper examines the major determinants of fund openings based on a large set of Germany investment families. For a sample of 2611 fund openings over the period 2004 to 2008, we find preliminary evidence suggesting that initiations are positively related to the fund family’s assets under management, positively related to the family’s inflows, and negatively related to the trailing mean returns of the family. These results are consistent with scale economies and opportunistic behavior on the part of fund family organizations. Additional analysis differentiates among the determinants of real estate fund openings and the openings of funds that invest in other asset classes. The empirical approach is based on Khorana and Servaes (1999, Review of Financial Studies).
keywords Information, Markets, Real Estate
series ERES:conference
email dhdowns@vcu.edu
more http://www.eres2010.org/index.asp?page=papers_download
discussion No discussions. Post discussion ...
ratings
session Indirect Real Estate Investment (2)
last changed 2010/08/04 20:47
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