The dark and the bright side of liquidity risks: evidence from open-end real estate funds in Germany

Research, Preprint OPEN
Fecht, Falko ; Wedow, Michael (2009)
  • Publisher: Frankfurt a. M.: Deutsche Bundesbank
  • Subject: Anlageverhalten | Marktliquidit├Ąt | Deutschland | G11 | strategic complementarities | G12 | G23 | G14 | Liquidity crisis,runs,strategic complementarities | Liquidity crisis | Risiko | Institutioneller Anleger | runs | Immobilienfonds
    • jel: jel:G12 | jel:G23 | jel:G11 | jel:G14
      ddc: ddc:330

We use a unique and comprehensive data set on open-end real estate funds in Germany to study a liquidity crisis that hit this industry between 2005 and 2006. Since this industry is comparably unregulated our data set permits us to contrast competing explanations of liqu... View more
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