{"product_id":"liquidity-creation-and-financial-fragility-christian-weistroffer-9783832526979","title":"Liquidity Creation and Financial Fragility: An Analysis of Open-End Real Estate Funds","description":"Open-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.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Christian Weistroffer\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 3832526978\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9783832526979\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Logos Verlag Berlin\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 12\/31\/2010\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 120\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Paperback","brand":"Christian Weistroffer","offers":[{"title":"Paperback","offer_id":48447568740607,"sku":"9783832526979","price":51.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/2982\/9887\/files\/img_e5050548-47b9-4094-85cb-424ed6987717.jpg?v=1777233559","url":"https:\/\/www.whiterainbookhouse.com\/products\/liquidity-creation-and-financial-fragility-christian-weistroffer-9783832526979","provider":"WR Book House","version":"1.0","type":"link"}