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Germany is the biggest real estate market in Europe. Although some established vehicles for indirect property investments are available, the German real estate market is dominated by direct investments and lags behind its international peers in capital market integration. The purpose of this study is to examine whether the recent launch of German REITs may improve this situation.

Existing indirect property investment vehicles and the new G‐REIT are analysed and compared along the dimensions of transparency, liquidity and risk/return characteristics. In addition, potential capital flows into G‐REITs are investigated and economic implications derived.

The study identifies the limitations of existing German indirect real estate investment vehicles and demonstrates the superior characteristics of the new G‐REIT. Substantial short‐term capital flows from existing vehicles to G‐REITs are, however, unlikely. Instead the temporary exit tax will foster an economically beneficial reallocation of capital by private companies and public authorities through property sales to new domestic and international investors via G‐REITs.

The results indicate that G‐REITs have the potential to attract substantial funds in the medium term and facilitate a more integrated and developed German property and capital market.

During the first half of the twentieth century, a handful of German speaking scholars examined leadership through the lens of what came to be known as philosophical anthropology, a field of study inaugurated by Max Scheler. Not only do their contributions belong in the history of leadership studies, but the findings of philosophical anthropology can make contributions today. This paper introduces philosophical anthropology and more specifically what Scheler had to say about leadership. One of his primary insights distinguished leaders from what he referred to as exemplary persons, or what we call role models today. This distinction offers a basis for leading by example. Scheler found five universal ideal types that set the tone, so to speak, for any group or society.

It is impossible to provide anything other than a glimpse of such a complex figure as Nietzsche in the span of a review of a book on his influence (if any) on economics. Here I provide a summary of his life and major works. I have had to omit some works from the discussion, and also suppress a good deal of biographical detail. Some Nietzsche scholarship, especially that outside the analytical philosophical tradition, consider events in Nietzsche's life as important to understanding his philosophy, and look for explanations of his philosophy in his life, such as the lack of a father figure and the search for male role models in Wagner and Schopenhauer, and the effect of his chronic illness on his philosophy. If I consider these interpretive issues, I do so only tangentially.