Management fee and performance of polish real estate funds

Paweł Oleksy

Abstract


The management fee is one of the fundamental factors in determining the efficiency of real estate funds. As a  main cost component it affects the periodic fund’s financial result and assets value. The analysis of 9 polish public closed-end real estate funds shows that the system used for calculating the management fee on the basis of periodic net assets value appears to be an inadequate motivator for fund managers to create value for investors. Its current construction is one of the sources of poor performance achievements of polish public real estate funds in the last decade, measured by long-term rates of return or efficiency indicators. Based on that, the author develops an alternative, more adequate and “fair” system which contributes more to the improvement of the funds performance.

Keywords


performance of polish real estate funds; management fee

Full Text:

PDF (Język Polski)

References


Brueggeman W.B., Chen A.H., Thibodeau T.G. (1984), Real Estate Investment Funds: Performance and Portfolio Considerations, “Real Estate Economics”, vol. 12, no. 3.

Brueggeman W.B., Chen A.H., Thibodeau T.G. (1992), Some additional evidence on the performance of commingled real estate investment funds: 1972–1991, “The Journal of Real Estate Research”, vol. 7, no. 4.

Kaushik K., Pennathur A.K. (2012), An empirical examination of the performance of real estate mutual funds 1990–2008, “Financial Service Review”, nr 21.

Lin C.Y., Yung K. (2004), Real estate mutual Funds: Performance and persistence, “Journal of Real Estate Research”, 26.

Maurer R., Reiner F., Rogalla R. (2004), Return and risk of German open-end real estate funds, “Journal of Property Research”, vol. 21, no. 3.

Myer F.C., Webb J.R., He L.T. (1997), Issue in measuring performance of commingled real estate funds, “Journal of Real Estate Portfolio Management”, vol. 3, no. 2.

O’Neal E.S., Page D.E. (2000), Real estate mutual funds: abnormal performance and fund characteristics, “Journal of Real Estate Portfolio Management”, vol. 6, no. 3.

Perez K. (2012), Efektywność funduszy inwestycyjnych. Podejście techniczne i fundamentalne, Difin, Warszawa 2012.

Raport 2011, Izba Zarządzających Funduszami i Aktywami, www.izfa.pl (25.04.2013).

Sarnowski K.A. (2011), Analiza funduszy inwestycyjnych w Polsce inwestujących w rynku nieruchomości - aktywa i efektywność, „Pieniądze i Więź”, nr 3.

Trzebiński A. (2012), Badanie efektywności polskich funduszy nieruchomości w latach 2005–2011, „Oeconomia Copernicana”, nr 4.

Urban K. (2007), Analiza opłacalności inwestowania w fundusze nieruchomości na rynku polskim, „Finansowanie Nieruchomości”, nr 22.

Załęczna M., Wolski R. (2008), Zamknięte fundusze nieruchomości jako nowoczesna forma inwestowania, „Studia i Materiały Towarzystwa Naukowego Nieruchomości”, nr 16.




DOI: http://dx.doi.org/10.17951/h.2013.47.3.465
Date of publication: 2015-07-23 22:18:22
Date of submission: 2015-07-22 17:10:07


Statistics


Total abstract view - 633
Downloads (from 2020-06-17) - PDF (Język Polski) - 0

Indicators



Refbacks

  • There are currently no refbacks.


Copyright (c) 2015 Paweł Oleksy

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.