Return Patterns of German Open-End Real Estate Funds

An Empirical Explanation of Smooth Fund Returns

Author: Sebastian Michael Gläsner

Publisher: Peter Lang

ISBN: 9783631604069

Category: Business & Economics

Page: 111

View: 8163

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The aim of this study is to better understand stable capital growth of German properties and to contribute to the explanation of stable fund returns. In the course of the investigation, evidence is found that both phenomena are interrelated. All analyses are based on publicly available data; therefore they are not limited by client interests. Results show three different pieces of evidence on return smoothing, namely the influence on valuation, the timing of valuations, and the influence on returns resulting in return differences by calendar months. Together with the notion of internationally uniquely stable returns, it seems impossible to extract true asset volatility from the observed appraisal-based time series.
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German Open

Contemporary Art in Germany/Gegenwartskunst in Deutschland

Author: Gerard Hadders,Kunstmuseum Wolfsburg

Publisher: Hatje Cantz Pub

ISBN: N.A

Category: Art

Page: 300

View: 6134

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In the last two years the German art scene has experienced a tremendous growth unlike anything since the early 1980s -- owing to a revitalized Berlin and an ever-expanding cultural diversity. German Open captures this energy by giving an overview of more than 30 of the best young artists working in Germany today. The artists documented represent the entire spectrum of visual art, from installation to painting to video, and their work can no longer be viewed as a matter of scattered individual gestures, but must be examined in a group context. Among the artists included here are Franz Ackerman, Kai Althoff, Simone Bohm, Coisma von Bonin, Matti Braun, Olafur Eliasson, Stefan Hoderlein, Stefan Kern, Michel Majerus, Tobias Rehberger, Daniel Richter, Heidi Specker, Johannes Wohnseifer, and Joseph Zehrer.
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Understanding German Real Estate Markets

Author: Tobias Just,Wolfgang Maennig

Publisher: Springer

ISBN: 3319320319

Category: Business & Economics

Page: 490

View: 3381

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In this book, experts discuss how German real estate values have remained stable throughout the financial crisis, even though transaction volumes have been very volatile since 2005. Consequently, risk-averse national and international investors have started to invest in virtually all German real estate asset classes. This book tries to answer what has made the German real estate markets more resilient to shocks than many European real estate markets by analyzing the economic, regulatory and demographic environment. In 30 well-structured chapters, experts from both the academic and professional world analyze structural and current issues of German real estate markets. Readers will get a deep understanding of what makes the German real estate market special and where potential opportunities and threats in Europe’s largest real estate market exist.
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Open Skies

A Cooperative Approach to Military Transparency and Confidence Building

Author: Pál Dunay,United Nations Institute for Disarmament Research,United Nations

Publisher: United Nations Publications UNIDIR

ISBN: 9789290451648

Category: Political Science

Page: 318

View: 5365

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The multilateral Open Skies Treaty was signed in 1992 (although it did not enter into force until 2002) and covers all NATO and former Warsaw Treaty members, including the main successor states to the former Soviet Union. The treaty enables states to overfly and observe the territory of one another, as part of the process of verifying and monitoring arms control agreements. As the imagery taken during observation flights is accessible to all parties, the treaty places all members on an equal footing and requires crews of the inspecting and inspected states to work closely together. This publication, based on research carried out during 1995-2000, examines the concept of the Open Skies regime and prospects for its future adaptation, taking into account current international security needs and technological possibilities.
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European Convergence in Property Valuation

How do the German Open-End Property Funds measure up?

Author: Robert Friedrich

Publisher: diplom.de

ISBN: 3832480196

Category: Business & Economics

Page: 137

View: 1151

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Inhaltsangabe:Abstract: The dissertation analyses whether or not and to what extent the managers of German open-ended property funds see a necessity for amendments to the current German property valuation standards in the context of an increasing demand for European convergence in valuation practice. A critical review of the literature is structured in two chapters: (1) European valuation convergence; and (2) legal background and valuation standards in Germany in a European context. Three main drivers for European convergence have been identified, namely international investment, International Accounting Standards (IAS) and the new Basel Capital Accord. The main standard setting organisations with a European scope are the IVSC, TEGoVA and RICS. German standards are highly regulated by law (BauGB, KAGG, WertV, WertR). However, the relevant valuation basis in Germany mainly complies with its international counterpart. Three methods are outlined in the German standards (WertV), but additional approaches are allowed according to the guidelines (WertR). Systematic differences could be identified between the German investment method and relevant international approaches. The main German specialities in this regard are separation of value for land and building, consideration of only one income (sustainable long-term rent) and arriving at gross values. The Cost Approach is meaningless for the valuation of open-ended funds. Alternative international approaches are Term & Reversion, Layer, Equivalent Yield and DCF. 13 rating scale and 9 open-ended questions were extracted from the above headings and were assessed by 8 managers of open-ended property funds. Further in depth information could be gathered by semi-structured and unstructured interviews with 5 of these managers and 3 valuers. The survey indicated that the German fund managers are quite satisfied with the German standards (WertV) and only minor problems arise. A - 1 - European Convergence in Property Valuation: How do the German Open-Ended Property Funds measure up? need for modification could not be identified. DCF is used occasionally by fund managers, but the appropriateness for neutral valuations is seen with scepticism. Traditional British direct capitalisation methods are unpopular in Germany. Problems arise with the transparency in Germany due to data protection and sometimes with the qualification of German valuers. The emergence of a two tier market (domestic and international) is [...]
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Veil

Author: Christian Joppke

Publisher: John Wiley & Sons

ISBN: 0745658571

Category: Social Science

Page: 176

View: 3907

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The Islamic headscarf has become the subject of heated legal and political debate. France and Germany have legislated against it, and even the UK, long a champion of multiculturalism, has recently restricted the veil proper. Ever since home-grown Islamic terrorism struck Europe, these debates have become even more prominent, impassioned and wide-ranging, with vital global importance. In this concise and beautifully written introduction to the politics of the veil in modern societies, Christian Joppke examines why a piece of clothing could have led to such controversy. He dissects the multiple meanings of the Islamic headscarf, and explores its links with the global rise of Islam, Muslim integration, and the retreat from multiculturalism. He argues that the headscarf functions as a mirror of identity, but one in which national and liberal identities overlap, exposing the paradox that while it may be an affront to liberal values, its suppression is equally illiberal. Veil: Mirror of Identity will illuminate, challenge and provoke readers, and will make compelling reading for scholars, students and general readers alike.
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Seve

A Biography of Severiano Ballesteros

Author: Alistair Tait

Publisher: Random House

ISBN: 1448132487

Category: Biography & Autobiography

Page: 272

View: 7102

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Seve is the most extrovert player Europe has ever produced. Playboy good looks along with a magnetism that attracted non-golfers to the game made him the biggest drawing card Europe has ever had. He emerged on the world scene with typical élan, hitting one of the most outrageous shots ever seen at the 1976 Open Championship. Three years later he became the youngest Open Champion of the modern era when he won the first of his five major championships. Ballesteros started Europe's domination of the Majors throughout the 80s and 90s, paving the way for Nick Faldo, Bernhard Langer, Ian Woosnam, Sandy Lyle and Jose Maria Olazabal. His play in the Ryder Cup, fuelled by an intense dislike for Americans, helped restore Europe's pride in the event. Driven by Basque pride and with a fiery Latin temperament, Seve has often let his heart rule his head. Seve is the remarkable story of one of the game's most fascinating characters.
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A Scrap of Paper

Breaking and Making International Law during the Great War

Author: Isabel V. Hull

Publisher: Cornell University Press

ISBN: 0801470641

Category: History

Page: 352

View: 8930

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A century after the outbreak of the Great War, we have forgotten the central role that international law and the dramatically different interpretations of it played in the conflict’s origins and conduct. In A Scrap of Paper, Isabel V. Hull compares wartime decision making in Germany, Great Britain, and France, weighing the impact of legal considerations in each. Throughout, she emphasizes the profound tension between international law and military necessity in time of war, and demonstrates how differences in state structures and legal traditions shaped the way in which each of the three belligerents fought the war Hull focuses on seven cases in which each government’s response was shaped by its understanding of and respect for the law: Belgian neutrality, the land war in the west, the occupation of enemy territory, the blockade, unrestricted submarine warfare, the introduction of new weaponry (including poison gas and the zeppelin), and reprisals. Drawing on voluminous research in German, British, and French archives, the author reconstructs the debates over military decision making and clarifies the role played by law—where it constrained action, where it was manipulated to serve military need, where it was simply ignored, and how it developed in the crucible of combat. She concludes that Germany did not speak the same legal language as the two liberal democracies, with disastrous and far-reaching consequences. The first book on international law and the Great War published since 1920, A Scrap of Paper is a passionate defense of the role that the law must play to govern interstate relations in both peace and war.
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