Download or read book Return Patterns of German Open-End Real Estate Funds written by Sebastian Michael Gläsner and published by Peter Lang. This book was released on 2010 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this study is to better understand stable capital growth of German properties and to contribute to the explanation of stable fund returns. In the course of the investigation, evidence is found that both phenomena are interrelated. All analyses are based on publicly available data; therefore they are not limited by client interests. Results show three different pieces of evidence on return smoothing, namely the influence on valuation, the timing of valuations, and the influence on returns resulting in return differences by calendar months. Together with the notion of internationally uniquely stable returns, it seems impossible to extract true asset volatility from the observed appraisal-based time series.