Postema, J.W. (2020) Non-listed real estate fund returns: closed-end versus open-end funds. Master thesis.
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Abstract
Globally, the majority of real estate assets are incorporated in non-listed funds. Funds have either a closed-end or open-end structure, but the liquidity between the two differs fundamentally. Open-end funds support redemptions during their lives, providing investors with more liquidity. Conversely, closed-end structures offer stability for managers and investors alike. This research aims to address a gap in the existing literature by researching the ways in which the fundamental distinction between fund structures influences returns. An INREV panel dataset, covering quarterly return data of 563 funds over the period 2000–2019, is studied using pooled OLS, between estimator, and random effects models. Among others, the regression results reveal that fund structure does not influence return significantly; open-end and closed-end funds do not produce significantly different returns. The research adds to the current fundamental debate in the industry on the suitability of the open-end fund format for illiquid assets as real estate.
| Item Type: | Thesis (Master) |
|---|---|
| Degree programme: | Real Estate Studies |
| Supervisor: | Liu, X. and Vlist, A.J. van der |
| Date Deposited: | 25 Sep 2020 12:30 |
| Last Modified: | 25 Sep 2020 12:30 |
| URI: | https://frw.studenttheses.ub.rug.nl/id/eprint/3369 |
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