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Open-End Real Estate Funds - Diamond or Danger?

URN to cite this document:
urn:nbn:de:bvb:355-epub-96380
Sebastian, Steffen P. ; Tyrell, Marcel
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Date of publication of this fulltext: 09 Oct 2009 10:17


Abstract

Both banks and open end real estate funds effectuate liquidity transformation in large amounts and high scales. Because of this similarity the latter should be analyzed using the same methodologies as usually applied for banks. We show that the work in the tradition of Diamond and Dybvig (1983), especially Allen and Gale (1998) and Diamond and Rajan (2001), provides an applicable theoretical ...

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