eprintid: 3369
rev_number: 7
eprint_status: archive
userid: 4
dir: disk0/00/00/33/69
datestamp: 2020-09-25 12:30:53
lastmod: 2020-09-25 12:30:53
status_changed: 2020-09-25 12:30:53
type: thesis
metadata_visibility: show
creators_name: Postema, J.W.
creators_id: s3533778
creators_email: jurriaanpostema@gmail.com
title: Non-listed real estate fund returns: closed-end versus open-end funds
ispublished: unpub
full_text_status: public
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.
date: 2020
thesis_type: master
degree_programme: VG
tutors_name: Liu, X.
tutors_name: Vlist, A.J. van der
keywords_local: non-listed real estate funds
keywords_local: open-end funds
keywords_local: closed-end funds
keywords_local: panel data
keywords_local: pooled OLS
keywords_local: between estimator
keywords_local: random effects (RE)
keywords_local: INREV
language_iso: en
agreed_repository: yes
date_issued: 2020-09-25
citation:   Postema, J.W.  (2020) Non-listed real estate fund returns: closed-end versus open-end funds.  Master thesis.   
document_url: https://frw.studenttheses.ub.rug.nl/3369/1/Final_version_MSc_thesis_JW_Po_1.pdf