文章基本信息

标题：The Relative Performance of Private Equity Real Estate Joint Ventures
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作者：James D.Shilling ; Charles H.Wurtzebach
期刊名称：International Real Estate Review
印刷版ISSN：1029-6131
出版年度：2015
卷号：18
期号：2
页码：241-276
语种：English
出版社：Asian Real Estate Society, Global Chinese Real Estate Congress
摘要：We study the relative performance of private equity real estate joint ventures by using new data that connect investment style, ownership structures, and quarterly cash flows for a large sample of sold properties from 1978-2009. The expansion into joint ventures by private equity core, value-added and opportunistic real estate funds since 1990 has been significant. This paper tests three hypotheses. First, do real estate joint ventures experience higher returns? Second, are investment fund managers generally willing to take on riskier projects in forming joint ventures? Third, are joint ventures formed to procure new business and grow assets under management and maximize fund fees? Tests of these hypotheses are performed by using quantile regressions, to determine whether the returns on joint venture projects are more concentrated in the tails of the return distribution – particularly in the left (low end) tail – than are whole assets. We reject the hypothesis that real estate joint ventures experience abnormal returns overall. However, we do find evidence that there is a lot more risk taking by value-added funds relative to core funds. Our evidence is also consistent with more risk taking by large investment fund managers vs. small investment fund managers.
关键词：Private Equity;Pension Funds;Real Estate Joint Ventures