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The Effect of Focus on the Performance of German Mutual Real Estate Funds

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  • Steffen Sebastian

Abstract

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.

Suggested Citation

  • Steffen Sebastian, 2009. "The Effect of Focus on the Performance of German Mutual Real Estate Funds," ERES eres2009_185, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2009_185
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2009-185
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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