Eres : Digital Library : Works

Paper eres2008_141:
SOURCES OF ALPHA AND BETA IN REAL ESTATE FUNDS

id eres2008_141
authors Farrelly, Kieran; Andrew Baum
year 2008
title SOURCES OF ALPHA AND BETA IN REAL ESTATE FUNDS
source Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
summary Since the mid 1990s, in a generally strongly performing property market, there has been huge growth in the aggregate size and number of global property funds in both listed (REIT) and unlisted formats. Fund managers have been able to raise capital for funds which reward them with performance fees without clear evidence of historic out-performance against market benchmarks or targets, but in a more challenging market this may not be the case. It will be increasingly possible to assemble performance records, and following this there will need to be more analysis of those records. Potential analytical performance systems will include traditional attribution methods but will also need to cover the concepts of alpha and beta widely used in other alternative asset classes. This paper will examine issues related to this. What is beta, and what is alpha in real estate investment? How can it be measured and isolated? Can performance records and performance fees adequately distinguish between these drivers?
series ERES:conference
email kfarrelly@cbreinvestors.com
discussion No discussions. Post discussion ...
ratings
session A4
last changed 2008/11/26 14:05
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