Wpływ zmian regulacyjnych na wyniki niemieckich publicznych otwartych funduszy inwestycyjnych nieruchomości
The impact of regulatory changes on the results of German public open end real estate investment funds

Summary/Abstract: The aim of the paper is to evaluate legal changes in terms of the attractiveness of investment in German open real estate investment fund. After the introductory part in which the authors analyze market size of the public open end real estate investment funds and briefly characterize the changes of legal regulation, the authors test the results of the changes. This is achieved by testing the daily prices of selected funds both from the period before and after the introduction of new legislation. Using ANOVA the authors test the significance of differences between means. The authors assumed that the changes in the functioning of the funds are reflected in the rise of prices of units. This hypothesis was not confirmed in the study.

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