A comprehensive guide to alternative investments that reveals
today’s latest research and strategies
Historically low interest rates and bear markets in world stock
markets have generated intense interest in alternative investments.
With returns in traditional investment vehicles relatively low,
many professional investors view alternative investments as a means
of meeting their return objectives. Alternative Investments:
Instruments, Performance, Benchmarks, and Strategies, can put
you in a better position to achieve this difficult goal.
Part of the Robert W. Kolb Series in Finance, Alternative
Investments provides an in-depth discussion of the historic
performance, benchmarks, and strategies of every major alternative
investment market. With contributions from professionals and
academics around the world, it offers valuable insights on the
latest trends, research, and thinking in each major area. Empirical
evidence about each type of alternative investment is featured,
with research presented in a straightforward manner.
* Examines a variety of major alternative asset classes, from
real estate, private equity, and commodities to managed futures,
hedge funds, and distressed securities
* Provides detailed insights on the latest research and
strategies, and offers a thorough explanation of historical
performance, benchmarks, and other critical information
* Blends knowledge from the conceptual world of scholars with the
pragmatic view of practitioners in this field
Alternative investments provide a means of diversification, risk
control, and return enhancement and, as such, are attractive to
many professional investors. If you’re looking for an effective way
to hone your skills in this dynamic area of finance, look no
further than this book.
Spis treści
Acknowledgments ix
Part I Introduction 1
1 Alternative Investments: An Overview 3
H. Kent Baker and Greg Filbeck
2 The Role of Alternative Investments in Strategic Asset Allocation 19
Douglas Cumming, Lars Helge Haß, and Denis Schweizer
3 Trends in Alternative Investments 37
Erik Benrud
4 Alternative Investments and Due Diligence 53
Gögkhan Afyonoglu
Part II Real Estate 77
5 REITs and the Private Real Estate Market 79
Shaun A. Bond and Qingqing Chang
6 Commercial Real Estate 99
Peter Chinloy
7 Real Estate Investment Trusts 119
Brad Case
8 Mortgaged-Backed Securities 143
Eric J. Higgins
9 Mezzanine Debt and Preferred Equity in Real Estate 163
Andrew R. Berman
10 Real Estate Appraisal and Valuation 185
Jeffrey D. Fisher and Demetrios Louziotis, Jr.
11 Performance of Real Estate Portfolios 213
David Geltner
Part III Private Equity 239
12 Venture Capital 241
Tom Vanacker and Sophie Manigart
13 Mezzanine Capital 263
Sameer Jain and Phillip Myburgh
14 Buyout Funds 281
Christian Rauch and Mark Wahrenburg
15 Distressed Debt Investing 303
Michelle M. Harner, Paul E. Harner, Catherine M. Martin, and Aaron M. Singer
16 Performance of Private Equity 323
Christoph Kaserer and Rüdiger Stucke
17 Private Equity: Risk and Return Profile 345
Axel Buchner, Arif Khurshed, and Abdulkadir Mohamed
Part IV Commodities and Managed Futures 363
18 Investing in Commodities 365
Claudio Boido
19 Performance of Commodities 381
Andrew Clark
20 Commodity Futures and Strategic Asset Allocation 399
Yongyang Su, Marco C. K. Lau, and Frankie Chau
21 Managed Futures: Markets, Investment Characteristics, and Role in a Portfolio 419
Davide Accomazzo
22 An Overview of Managed Futures’ Performance: 1983 to Post-2008 Credit Crisis 437
Kai-Hong Tee
Part V Hedge Funds 453
23 Investing in Hedge Funds 455
Hunter M. Holzhauer
24 Performance of Hedge Funds 475
Dianna Preece
25 Hedge Funds and Risk Management 495
Theodore Syriopoulos
26 Hedge Funds and the Financial Crisis 521
Jing-Zhi Huang and Ying Wang
27 Hedge Funds: Replication and Nonlinearities 541
Mikhail Tupitsyn and Paul Lajbcygier
28 Fund-of-Funds: A Tale of Two Fees 567
Kartik Patel
Answers to Discussion Questions 587
Index 619
O autorze
H. KENT BAKER, Ph D, CFA, CMA, is University Professor of
Finance at the Kogod School of Business, American University in
Washington, D.C. As one of the most prolific finance academics, he
is the author or editor of 18 books, and more than 150 refereed
articles in such publications as the Journal of Finance, Journal
of Financial and Quantitative Analysis, Financial Management,
Financial Analysts Journal, Journal of Portfolio Management,
and Harvard Business Review. He has consulting and training
experience with more than 100 organizations. Professor Baker
received a BSBA from Georgetown University; MEd, MBA, and DBA
degrees from the University of Maryland; and an MA, MS, and two
Ph Ds from American University. He also holds CFA and CMA
designations.
GREG FILBECK holds the Samuel P. Black III Professor of
Insurance and Risk Management at Penn State Erie, The Behrend
School, and serves as Program Chair for Finance. He previously
served as senior vice-president at Kaplan Schweser, and also held
academic appointments at Miami University (Ohio) and the University
of Toledo, where he served as the associate director of the Center
for Family and Privately-Held Business. Professor Filbeck is a
coauthor of Derivatives and Risk Management and editor of
CFA Basics: The Schweser Study Guide to Getting Started. He
has published more than 70 refereed academic journal articles that
have appeared in the Financial Analysts Journal, Financial
Review, and Journal of Business Finance and Accounting.
Professor Filbeck serves on the editorial board of the Journal
of Business and Economic Perspectives and as a board member for
the Southern Finance Association.
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