Shares of open-end real estate funds are typically traded directly between the investor and the fund management company. However, we provide empirical evidence for the growth of secondary market activities, i.e., the trading of shares on stock exchanges. We find high trading levels in situations where the fund management company suspends the issue or redemption of shares. Shares trade at a discount when the fund management company suspends the redemption, whereas shares trade at a premium when the fund management company suspends the issue. We also find evidence that secondary market trading activity is increasing since German regulation introduced a minimum holding period and a mandatory notice period for open-end real estate funds.

开放式房地产基金的份额通常在投资者和基金管理公司之间直接交易。然而，我们为二级市场活动（即证券交易所的股票交易）的增长提供了经验证据。我们发现，在基金管理公司暂停发行或赎回股票的情况下，交易水平较高。当基金管理公司暂停赎回时，股票以折价交易；当基金管理公司暂停发行时，股票以溢价交易。我们还发现有证据表明，自从德国监管机构对开放式房地产基金引入了最低持有期和强制性通知期以来，二级市场交易活动正在增加。