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The Expenses of Real Estate Funds in a Small Market: Their Determinants

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  • Alves, Paulo

Abstract

This paper analyses the determinants of expenses for Portuguese real estate funds from 2007 to 2012 and is a pioneer study on the determinants of expenses concerning real estate funds. Closed-end and open-end real estate funds benefit from economies of scale. However, the most important result of this study concerns the fiscal policy implemented by the Portuguese authorities during the 1980s. Closed-end funds flourished by capturing tax benefits, even in the event that risk was not rewarded by return. Investors created financial instruments in which to allocate their real assets, instead of holding them individually.

Suggested Citation

  • Alves, Paulo, 2016. "The Expenses of Real Estate Funds in a Small Market: Their Determinants," MPRA Paper 83275, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:83275
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    File URL: https://mpra.ub.uni-muenchen.de/83275/1/MPRA_paper_83275.pdf
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    References listed on IDEAS

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    Cited by:

    1. Samar Farid & Hayam Wahba, 2022. "The effect of fund size on mutual funds performance in Egypt," Future Business Journal, Springer, vol. 8(1), pages 1-11, December.

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    More about this item

    Keywords

    Expenses; Real estate funds; Closed-end funds;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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