... appraisers. Therefore, through the analysis of fund managers’ actual choice to value REIF net asset value in comparison with a mandatory adoption of a pure fair value method (appraisers’ valuations), the paper investigates the impact of accounting choice on funds’ return series. On the other hand...

... the performance of the once successful GOEREFs, the very nature of this special type of investment fund needs to be considered. Daily net asset values (NAVs) of the funds are determined based on rents received, yearly revaluations of properties (until the new regulation increased the valuation frequencies), sales...