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Open-End Real Estate Funds in Germany – Genesis and Crisis
Bannier, Christina E. | Fecht, Falko | Tyrell, Marcel
Credit and Capital Markets – Kredit und Kapital, Vol. 41 (2008), Iss. 1 : pp. 9–36
21 Citations (CrossRef)
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Prof. Dr. Christina E. Bannier, Commerzbank Professor of Corporate Finance/SME Finance, Frankfurt School of Finance and Management, Sonnemannstraße 9-11, D-60314 Frankfurt/M.
Dr. Falko Fecht, Deutsche Bundesbank Research Department, Wilhelm-Epstein-Straße 14, D-60431 Frankfurt/M.
Prof. Dr. Marcel Tyrell, European Business School, Endowed Chair of Economics of Financial Institutions, Schloß Reichartshausen, D-65375 Oestrich-Winkel.
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Abstract
Offene Immobilienfonds in Deutschland – Ursprung und Krise
Offene Immobilienfonds sind für das deutsche, bank-dominierte Finanzsystem von besonderer Bedeutung. Die kürzlich beobachteten Schwierigkeiten einiger dieser Fonds lösten jedoch eine breite Debatte bezüglich der Notwendigkeit regulatorischer Eingriffe aus. Ziel dieser Arbeit ist eine detaillierte Beschreibung der institutionellen Struktur der offenen Immobilienfonds in Deutschland sowie der Ereignisse, die zu der beobachteten Krise führten. Gestützt auf Analysen der modernen Banktheorie wird erklärt, warum gerade in Deutschland offene Immobilienfonds eine wichtige Rolle spielen. Basierend auf den theoretischen Erkenntnissen werden die verschiedenen, in der Öffentlichkeit diskutierten Politikempfehlungen evaluiert.