Abstract
Executive Summary.When mutual funds and related investment companies are unable to compute an accurate net asset value, unintended wealth transfers will occur among fund investors. Previous research has found this effect with international stock funds. Real estate fund managers face an even bigger challenge due to the lack of current price data. By focusing on an investment account involved with direct real estate ownership, the effects of inaccurate fund pricing can bee seen at monthly frequencies. The magnitudes of the asset mispricing and resulting wealth transfers can be estimated, thus pointing the way to a solution.
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