.... Italian Real Estate Investment Trusts (REITs) are closed‐end legal entities, having a finite life, established in the form of investment funds externally managed by a management company that acts as an agent of the shareholders. Market evidence shows that public REITs constantly trade at (deep) discount...

... that they improve their risk‐adjusted performance through selection. Andrew Baum can be contacted at: a.e.baum@rdg.ac.uk; a.e.baum@henley.rdg.ac.uk © Emerald Group Publishing Limited 2009 Property Investment funds Financial performance Since the mid‐1990s, in a generally strongly...

... portfolio and the impact of the leverage choices on the variability of inflows and outflows related to the real estate investments. Italian real estate funds are closed‐end investment funds that collect assets from the generic quotaholders (retail funds) or from a select group of investors (reserved...

...@sdabocconi.it © Emerald Group Publishing Limited 2009 Real estate Investment funds Financial performance Property management Italy The academic literature on the topic of real estate fund performance can be broken down into three general areas. The first area of interest is whether fund...

.... Björn‐Martin Kurzrock can be contacted at: kurzrock@rhrk.uni‐kl.de; bmkurzrock@gmx.de © Emerald Group Publishing Limited 2009 Investment funds Real estate Assets Financial performance Germany The present paper will concentrate on the institutional setting of German open‐ended...

... limitations/implications This paper is a starting point for additional research on some of the identified factors as well as on similar samples for which a wider set of data is available. Originality/value The homogeneity of the Italian real estate investment funds sample, which is not biased by any...