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Non-Listed Real Estate Funds

其他書名	Leverage and Macroeconomic Effects
出版	SSRN, 2016
URL	http://books.google.com.hk/books?id=m276zgEACAAJ&hl=&source=gbs_api

註釋This research investigates the key drivers of European non-listed real estate funds performance. In particular, it seeks to understand the extent to which stock-selection, management skills, gearing, fund size, competing asset classes and macroeconomic performance contribute to a fund's total return. Our attribution of fund performance is primarily based on average r eturn data in the m arkets t o w hich t he fund is exposed. Using a proprietary database compiled by INREV covering the period 2001-2012, we analyse the performance characteristics of non-listed funds. Tracking fund performance and its drivers through the years of rapid expansion of the sector, followed by the sharp contraction during the global financial crisis, allows us to establish whether performance drivers have a differential impact during market upturns and downturns. We find that fund performance d uring t he s tudy p eriod w as predominantly driven by the underlying market and sector exposure of a fund, gearing, fund size, GDP growth, and competing asset classes.