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作者

Joseph L. Pagliari

来源

REAL ESTATE ECONOMICS,Vol.48,Issue1,P.89-134

语言

英文

关键字

作者单位

University of Chicago, Booth School of Business, Chicago, IL

摘要

Real estate strategies broadly fall into three categories: core, value‐added and opportunistic. This empirical examination of net returns from these three strategies indicates that, on a risk‐adjusted basis, the value‐added funds have strongly underperformed and the returns from opportunistic funds have weakly underperformed the returns available from core funds. In so concluding, this article departs from standard asset‐pricing models in two important respects: the total risk is used and the cost of borrowing increases as leverage increases. While the first departure has no substantive effect, the second departure lowers the estimate of the underperformance of noncore funds.