{"product_id":"9783832526979","title":"Liquidity Creation and Financial Fragility: An Analysis of Open-End Real Estate Funds","description":"\u003cp\u003eOpen-end real estate funds (OEREFs) are the predominant vehicle in Germany for channeling private capital flows into commercial real estate markets. They transform longer-term investment projects into daily redeemable claims. To the extent that OEREFs stand ready to both issue new shares and redeem outstanding ones on a daily basis they provide valuable liquidity transformation. At the same time, they become susceptible to run phenomena. This dissertation analyzes the inherent fragility of open-end real estate funds in light of the German open-end fund crisis of 2005\/06. The dissertation comprises three papers. The first paper explores how fund performance and other factors influenced capital flows into OEREFs before, during and after the German open-end fund crisis of 2005\/06. The second paper looks at the valuation practice of OEREFs and assesses whether funds have suffered from a valuation problem. It finds evidence in support of the view that systematic deviations of appraised values from prices achieved in the market were at the heart of the 2005\/06 German open-end fund crisis. The third paper relates findings from banking theory to OEREFs. It explores under which conditions the open-end fund contract resembles a demand deposit contract that is prone not only to panics but also to fundamental runs. The dissertation concludes by discussing policy options to mitigate the run problem.\u003c\/p\u003e","brand":"Logos Verlag","offers":[{"title":"Default Title","offer_id":47037779607792,"sku":"9783832526979","price":51.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9783832526979_p0.jpg?v=1763687478","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9783832526979","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}