Abstract

http://ssrn.com/abstract=1089618
 
 

References (16)



 
 

Citations (2)



 


 



Further Evidence on the Performance of Funds of Funds: The Case of Real Estate Mutual Funds


Kevin C.H. Chiang


University of Vermont

Kirill Kozhevnikov


University of Oregon - Department of Finance

Ming-Long Lee


National Yunlin University of Science and Technology

Craig H. Wisen


affiliation not provided to SSRN


Real Estate Economics, Vol. 36, No. 1, pp. 47-61, Spring 2008

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.

Number of Pages in PDF File: 15

Accepted Paper Series





Date posted: February 2, 2008  

Suggested Citation

Chiang, Kevin C.H. and Kozhevnikov, Kirill and Lee, Ming-Long and Wisen, Craig H., Further Evidence on the Performance of Funds of Funds: The Case of Real Estate Mutual Funds. Real Estate Economics, Vol. 36, No. 1, pp. 47-61, Spring 2008. Available at SSRN: http://ssrn.com/abstract=1089618 or http://dx.doi.org/10.1111/j.1540-6229.2008.00206.x

Contact Information

Kevin C.H. Chiang
University of Vermont ( email )
212 Kalkin Hall
Burlington, VT 05405-0158
United States
Kirill Kozhevnikov
University of Oregon - Department of Finance
Charles H. Lundquist College of Business
1208 University of Oregon
Eugene, OR 97403-1208
United States
Ming-Long Lee
National Yunlin University of Science and Technology ( email )
123, University Rd. Sec 3
Touliu, Youlin 640, Yunlin 64002
Taiwan
Craig H. Wisen
affiliation not provided to SSRN
No Address Available
Feedback to SSRN


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References:  16
Citations:  2

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