Schnejdar, Sebastian and Woltering, Rene-Ojas and Heinrich, Michael and Sebastian, Steffen (2022) Fund Closure Risks of Open-End Real Estate Funds. JOURNAL OF REAL ESTATE RESEARCH, 44 (4). pp. 447-472. ISSN 0896-5803, 2691-1175
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Over the past decades, numerous open-end real estate funds (OEREFs) in several countries became unable to maintain the liquidity provision and had to suspend the redemption of fund shares. This paper examines OEREF closures in Germany, the world's largest OEREF market. We find that funds with a larger share of institutional investors had a higher closure probability. This is consistent with the assertion that well-informed investors are able to move more quickly and decisively and therefore trigger additional selling pressure in times of financial turmoil. In contrast, economies of scope appear to prevent closures. In detail, older funds and those sold through physical bank branch networks are less likely to close. Among the factors beyond the control of fund managers are negative spillover-effects resulting from closures of other OEREFs.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | INSTITUTIONAL INVESTORS; BANK FAILURES; PERFORMANCE; PREDICTION; BANKRUPTCY; Fund closure; open-end real estate funds; liquidity crisis; spillover effects |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Immobilienfinanzierung (Prof. Dr. Steffen Sebastian) Business, Economics and Information Systems > Institut für Immobilienenwirtschaft / IRE|BS > Lehrstuhl für Immobilienfinanzierung (Prof. Dr. Steffen Sebastian) |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 08 Feb 2024 06:25 |
| Last Modified: | 08 Feb 2024 06:25 |
| URI: | https://pred.uni-regensburg.de/id/eprint/57332 |
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