We develop a two-factor novel model incorporating the market excess return and alternative real estate portfolios. This setup of model and alternative real estate factor particularly brings the practitioners the significant perspective that how much the real estate portfolios is priced. The...

The empirical literature on investment performance suggests that only hedge funds among institutional investors have delivered consistent superior performance. We examine whether this stylized fact holds when we narrow focus to long-equity holdings. In our sample period of 1997-2006, the...