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.

A comprehensive guide to alternative investments that revealstoday's latest research and strategiesHistorically low interest rates and bear markets in world stockmarkets have generated intense interest in alternative investments.With returns in traditional investment vehicles relatively lowmany professional investors view alternative investments as a meansof meeting their return objectives. Alternative Investments:Instruments, Performance, Benchmarks, and Strategies, can putyou in a better position to achieve this difficult goal.Part of the Robert W. Kolb Series in Finance, AlternativeInvestments provides an in-depth discussion of the historicperformance, benchmarks, and strategies of every major alternativeinvestment market. With contributions from professionals andacademics around the world, it offers valuable insights on thelatest trends, research, and thinking in each major area. Empiricalevidence about each type of alternative investment is featuredwith research presented in a straightforward manner.* Examines a variety of major alternative asset classes, fromreal estate, private equity, and commodities to managed futureshedge funds, and distressed securities* Provides detailed insights on the latest research andstrategies, and offers a thorough explanation of historicalperformance, benchmarks, and other critical information* Blends knowledge from the conceptual world of scholars with thepragmatic view of practitioners in this fieldAlternative investments provide a means of diversification, riskcontrol, and return enhancement and, as such, are attractive tomany professional investors. If you're looking for an effective wayto hone your skills in this dynamic area of finance, look nofurther than this book.

Acknowledgments ixPart I Introduction 11 Alternative Investments: An Overview 3H. Kent Baker and Greg Filbeck2 The Role of Alternative Investments in Strategic Asset Allocation 19Douglas Cumming, Lars Helge Haß, and Denis Schweizer3 Trends in Alternative Investments 37Erik Benrud4 Alternative Investments and Due Diligence 53Gögkhan AfyonogluPart II Real Estate 775 REITs and the Private Real Estate Market 79Shaun A. Bond and Qingqing Chang6 Commercial Real Estate 99Peter Chinloy7 Real Estate Investment Trusts 119Brad Case8 Mortgaged-Backed Securities 143Eric J. Higgins9 Mezzanine Debt and Preferred Equity in Real Estate 163Andrew R. Berman10 Real Estate Appraisal and Valuation 185Jeffrey D. Fisher and Demetrios Louziotis, Jr.11 Performance of Real Estate Portfolios 213David GeltnerPart III Private Equity 23912 Venture Capital 241Tom Vanacker and Sophie Manigart13 Mezzanine Capital 263Sameer Jain and Phillip Myburgh14 Buyout Funds 281Christian Rauch and Mark Wahrenburg15 Distressed Debt Investing 303Michelle M. Harner, Paul E. Harner, Catherine M. Martin, and Aaron M. Singer16 Performance of Private Equity 323Christoph Kaserer and Rüdiger Stucke17 Private Equity: Risk and Return Profile 345Axel Buchner, Arif Khurshed, and Abdulkadir MohamedPart IV Commodities and Managed Futures 36318 Investing in Commodities 365Claudio Boido19 Performance of Commodities 381Andrew Clark20 Commodity Futures and Strategic Asset Allocation 399Yongyang Su, Marco C. K. Lau, and Frankie Chau21 Managed Futures: Markets, Investment Characteristics, and Role in a Portfolio 419Davide Accomazzo22 An Overview of Managed Futures' Performance: 1983 to Post-2008 Credit Crisis 437Kai-Hong TeePart V Hedge Funds 45323 Investing in Hedge Funds 455Hunter M. Holzhauer24 Performance of Hedge Funds 475Dianna Preece25 Hedge Funds and Risk Management 495Theodore Syriopoulos26 Hedge Funds and the Financial Crisis 521Jing-Zhi Huang and Ying Wang27 Hedge Funds: Replication and Nonlinearities 541Mikhail Tupitsyn and Paul Lajbcygier28 Fund-of-Funds: A Tale of Two Fees 567Kartik PatelAnswers to Discussion Questions 587Index 619