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The Growing Importance of Secondary Market Activities for Open-end Real Estate Fund Shares in Germany

Philipp Gerlach & Raimond Maurer

Schmalenbach Business Review2020https://doi.org/10.1007/s41464-019-00081-yarticle
AJG 2
Weight
0.42

What the paper says

Shares of open-end real estate funds are typically traded directly between the investor and the fund management company. However, we provide empirical evidence for the growth of secondary market activities, i.e., the trading of shares on stock exchanges. We find high trading levels in situations where the fund management company suspends the issue or redemption of shares. Shares trade at a discount when the fund management company suspends the redemption, whereas shares trade at a premium when the fund management company suspends the issue. We also find evidence that secondary market trading activity is increasing since German regulation introduced a minimum holding period and a mandatory notice period for open-end real estate funds.

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Cite this paper

https://doi.org/https://doi.org/10.1007/s41464-019-00081-y

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@article{philipp2020,
  title        = {{The Growing Importance of Secondary Market Activities for Open-end Real Estate Fund Shares in Germany}},
  author       = {Philipp Gerlach & Raimond Maurer},
  journal      = {Schmalenbach Business Review},
  year         = {2020},
  doi          = {https://doi.org/https://doi.org/10.1007/s41464-019-00081-y},
}

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The Growing Importance of Secondary Market Activities for Open-end Real Estate Fund Shares in Germany

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Evidence weight

0.42

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.20 × 0.4 = 0.08
M · momentum0.80 × 0.15 = 0.12
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.