Kevin C.H. Chiang Kirill Kozhevnikov Ming-Long Lee Craig H. Wisen
Abstract
Funds of funds (FOFs) are created when investment companies invest in other investment companies. Although the additional layer of fees incurred by FOFs has a negative effect on returns, there is empirical evidence that real estate FOFs generate superior performance net of fees and risk adjustments. The evidence is inconsistent with a growing consensus that most actively managed mutual funds do not, on average, generate excess returns after adjusting for fees and risk. This study explains this apparent contradiction and finds that most real estate FOFs do not outperform their benchmarks under alternative risk adjustment specifications. Copyright 2008 American Real Estate and Urban Economics Association
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Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.
Volume (Year): 36 (2008) Issue (Month): 1 (03) Pages: 47-61 Download reference. The following formats are available: HTML,
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