Real estate mutual funds have grown dramatically in number, size, scope and assets under management over the last 15 years, but little assessment is evident. The present study addresses this limitation. Better prior period performance is associated with greater shares of fund inflows for a...

Managerial incentives are skewed in non-listed funds under finite horizons. Compensation structures are only indirectly related to shareholder wealth maximization when share prices are unobservable. Liquidity options for investors are limited in the absence of an exchange listing. Using a...

Good drafting of fund documents and a solid understanding of how a fund's economic terms work may separate the winning funds from the losers. This article discusses nine important economic concepts all fund investors and fund sponsors should keep in mind when approaching their next closed-end...