Shares of open-end real estate funds are typically traded directly between the investor and the fund management company. However, we provide empirical evidence for the growth of secondary market activities, i.e., the trading of shares on stock exchanges. We find high trading levels in situations where the fund management company suspends the issue or redemption of shares. Shares trade at a discount when the fund management company suspends the redemption, whereas shares trade at a premium when the fund management company suspends the issue. We also find evidence that secondary market trading activity is increasing since German regulation introduced a minimum holding period and a mandatory notice period for open-end real estate funds.
{"title":"The Growing Importance of Secondary Market Activities for Open-end Real Estate Fund Shares in Germany","authors":"P. Gerlach, R. Maurer","doi":"10.2139/ssrn.3242745","DOIUrl":"https://doi.org/10.2139/ssrn.3242745","url":null,"abstract":"Shares of open-end real estate funds are typically traded directly between the investor and the fund management company. However, we provide empirical evidence for the growth of secondary market activities, i.e., the trading of shares on stock exchanges. We find high trading levels in situations where the fund management company suspends the issue or redemption of shares. Shares trade at a discount when the fund management company suspends the redemption, whereas shares trade at a premium when the fund management company suspends the issue. We also find evidence that secondary market trading activity is increasing since German regulation introduced a minimum holding period and a mandatory notice period for open-end real estate funds.","PeriodicalId":43001,"journal":{"name":"SCHMALENBACH BUSINESS REVIEW","volume":"34 1","pages":"65-106"},"PeriodicalIF":2.2,"publicationDate":"2020-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90604878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-01-22DOI: 10.1007/s41464-019-00081-y
Philipp Gerlach,Raimond Maurer
Shares of open-end real estate funds are typically traded directly between the investor and the fund management company. However, we provide empirical evidence for the growth of secondary market activities, i.e., the trading of shares on stock exchanges. We find high trading levels in situations where the fund management company suspends the issue or redemption of shares. Shares trade at a discount when the fund management company suspends the redemption, whereas shares trade at a premium when the fund management company suspends the issue. We also find evidence that secondary market trading activity is increasing since German regulation introduced a minimum holding period and a mandatory notice period for open-end real estate funds.
{"title":"The Growing Importance of Secondary Market Activities for Open-end Real Estate Fund Shares in Germany","authors":"Philipp Gerlach,Raimond Maurer","doi":"10.1007/s41464-019-00081-y","DOIUrl":"https://doi.org/10.1007/s41464-019-00081-y","url":null,"abstract":"Shares of open-end real estate funds are typically traded directly between the investor and the fund management company. However, we provide empirical evidence for the growth of secondary market activities, i.e., the trading of shares on stock exchanges. We find high trading levels in situations where the fund management company suspends the issue or redemption of shares. Shares trade at a discount when the fund management company suspends the redemption, whereas shares trade at a premium when the fund management company suspends the issue. We also find evidence that secondary market trading activity is increasing since German regulation introduced a minimum holding period and a mandatory notice period for open-end real estate funds.","PeriodicalId":43001,"journal":{"name":"SCHMALENBACH BUSINESS REVIEW","volume":"25 14","pages":"65-106"},"PeriodicalIF":2.2,"publicationDate":"2020-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138519864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-01DOI: 10.1007/S41464-019-00078-7
M. Clermont, J. Schaefer
{"title":"Identification of Outliers in Data Envelopment Analysis","authors":"M. Clermont, J. Schaefer","doi":"10.1007/S41464-019-00078-7","DOIUrl":"https://doi.org/10.1007/S41464-019-00078-7","url":null,"abstract":"","PeriodicalId":43001,"journal":{"name":"SCHMALENBACH BUSINESS REVIEW","volume":"9 1 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83625692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-10-01DOI: 10.1007/S41464-019-00079-6
Thomas Johann, Stefan Scharnowski, E. Theissen, Christian Westheide, Lukas Zimmermann
{"title":"Liquidity in the German Stock Market","authors":"Thomas Johann, Stefan Scharnowski, E. Theissen, Christian Westheide, Lukas Zimmermann","doi":"10.1007/S41464-019-00079-6","DOIUrl":"https://doi.org/10.1007/S41464-019-00079-6","url":null,"abstract":"","PeriodicalId":43001,"journal":{"name":"SCHMALENBACH BUSINESS REVIEW","volume":"31 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76124324","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-23DOI: 10.1007/S41464-019-00080-Z
Marion Garaus, Udo Wagner
{"title":"Lost in the Store: Assessing the Confusion Potential of Store Environments","authors":"Marion Garaus, Udo Wagner","doi":"10.1007/S41464-019-00080-Z","DOIUrl":"https://doi.org/10.1007/S41464-019-00080-Z","url":null,"abstract":"","PeriodicalId":43001,"journal":{"name":"SCHMALENBACH BUSINESS REVIEW","volume":"24 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2019-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76430088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-01DOI: 10.1007/s41464-019-00077-8
Michael Weber, Dodo zu Knyphausen‐Aufseß, Lars Schweizer
{"title":"Improving the M&A Decision-Making Process: Learning from Serial Acquirers","authors":"Michael Weber, Dodo zu Knyphausen‐Aufseß, Lars Schweizer","doi":"10.1007/s41464-019-00077-8","DOIUrl":"https://doi.org/10.1007/s41464-019-00077-8","url":null,"abstract":"","PeriodicalId":43001,"journal":{"name":"SCHMALENBACH BUSINESS REVIEW","volume":"24 1","pages":"1-48"},"PeriodicalIF":2.2,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75742224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-31DOI: 10.1007/S41464-019-00076-9
Stefanie Steinhauser
{"title":"Network-Based Business Models, the Institutional Environment, and the Diffusion of Digital Innovations: Case Studies of Telemedicine Networks in Germany","authors":"Stefanie Steinhauser","doi":"10.1007/S41464-019-00076-9","DOIUrl":"https://doi.org/10.1007/S41464-019-00076-9","url":null,"abstract":"","PeriodicalId":43001,"journal":{"name":"SCHMALENBACH BUSINESS REVIEW","volume":"1 1","pages":"1-41"},"PeriodicalIF":2.2,"publicationDate":"2019-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88559499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-01DOI: 10.1007/S41464-019-00075-W
W. Buijink, T. Sellhorn, Alfred Wagenhofer
{"title":"Special Issue: Regulation of Corporate Disclosure","authors":"W. Buijink, T. Sellhorn, Alfred Wagenhofer","doi":"10.1007/S41464-019-00075-W","DOIUrl":"https://doi.org/10.1007/S41464-019-00075-W","url":null,"abstract":"","PeriodicalId":43001,"journal":{"name":"SCHMALENBACH BUSINESS REVIEW","volume":"21 1","pages":"131-136"},"PeriodicalIF":2.2,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75316869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-03-07DOI: 10.1007/S41464-019-00074-X
F. Thielemann, Tami Dinh, Helen Kang
{"title":"Non-GAAP Reporting and Debt Market Outcomes: Evidence from Regulation G","authors":"F. Thielemann, Tami Dinh, Helen Kang","doi":"10.1007/S41464-019-00074-X","DOIUrl":"https://doi.org/10.1007/S41464-019-00074-X","url":null,"abstract":"","PeriodicalId":43001,"journal":{"name":"SCHMALENBACH BUSINESS REVIEW","volume":"23 1","pages":"169-203"},"PeriodicalIF":2.2,"publicationDate":"2019-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76888742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-02-28DOI: 10.1007/S41464-019-00071-0
Timo Heinrich
{"title":"Discussion of “Consequences of Unfair Job Promotions in Organizations”","authors":"Timo Heinrich","doi":"10.1007/S41464-019-00071-0","DOIUrl":"https://doi.org/10.1007/S41464-019-00071-0","url":null,"abstract":"","PeriodicalId":43001,"journal":{"name":"SCHMALENBACH BUSINESS REVIEW","volume":"48 1","pages":"27-33"},"PeriodicalIF":2.2,"publicationDate":"2019-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84367611","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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