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| Author: | Maurer, R. Sebastian, S. |
| Title: | Immobilienfonds und Immobilienaktiengesellschaften als finanzwirtschaftliche Substitute für Immobiliendirektanlagen |
| Journal: | Zeitschrift für Betriebswirtschaft
1999 : ERGÄNZUNGSHEFT 3, p. 169- 194 |
| Index terms: | PROPERTY TAXATION INFLATION STOCK MARKETS |
| Language: | ger |
| Abstract: | In this work we compare the way real estate shares and real estate funds are treated by tax, their diversification po- tentials and their possibilities to protect themselves against the risk of inflation. It turns out that real estate shares have a higher average yield and a higher volatility than real estate funds. The latter correlate more strongly with the bond market than the real estate shares that, in turn, correlate more strongly with the stock market. Real estate shares are playing an important role in rather agres- sive, real estate funds in rather conservative investment portfolios. It becomes obvious that real estate shares offer protection against inflation risks in the long run while real estate funds already offer short-term protection. |
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