Alternative Investments Instruments, Performance, Benchmarks, and Strategies

by Baker, H. Kent; Filbeck, Greg

• ISBN13: 9781118241127
• ISBN10: 1118241126
• Edition: 1st
• Format: Hardcover
• Copyright: 2013-03-25
• Publisher: Wiley

Summary

Alternative Investments provides an in-depth discussion of the historic performance, benchmarks, strategies, of every major alternative investment market. Covering, real estate, private equity, commodities and managed futures, and hedge funds, the book will serve as a comprehensive reference as well as providing information 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, focusing on the comprehension on the study findings, rather than the details of mathematical frameworks. The book will describe the investment characteristics of each market, performance measurements, common strategies, and correlations with other markets. Reflecting the diversity of contributors, the book blends the conceptual world of scholars with the pragmatic view of practitioners.

Author Biography

H. Kent Baker (Washington D.C.) is University Professor of Finance and Kogod Research Professor at the Kogod School of Business, American University He has served on several boards of directors and advisory councils including the Eastern Finance Association and Southern Finance Association, where he is currently the Vice President - Program and President elect. . Professor Baker is the author or editor of 16 books, has published more than 250 journal articles, monographs, book chapters, and proceedings as well as 350 book reviews and abstracts. Professor Baker has consulting and training experience with more than 100 organizations. These organizations include the American Bankers Association, AT&T, The CFA Institute, Central Intelligence Agency, Comptroller of the Currency, Credit Suisse, Ernst & Young, Goldman Sachs, Institute of Management Accountants, Kaplan Schweser, New York Society of Security Analysts, Saudi Aramco, UBS, and Xerox.

Greg Filbeck (Erie, PA) holds the Samuel P. Black III Professor of Insurance and Risk Management at Penn State Erie and serves as Program Chair for Finance. Before joining the Faculty at Penn State Erie in 2006, he served as Senior Vice-President of Kaplan Schweser from 1999 to 2006 where he was in charge of all content and curriculum and helped launch marketing and sales divisions of the company. He also held academic appointments at Miami University (Ohio) and the University of Toledo, where he also served as the Associate Director of the Center for Family Business. Professor Filbeck is the author of the book Derivatives and Risk Management and editor of the book CFA® Basics: The Schweser Study Guide to Getting Started. He has published more than 60 refereed academic journal articles that have appeared in journals such as Financial Analysts Journal, Financial Review, and Journal of Business, Finance, and Accounting.

Table of Contents

Acknowledgments

Part I: Introduction

Chapter 1 Alternative Investments: An Overview (H. Kent Baker and Greg Filbeck)

Chapter 2 The Role of Alternative Investments in Strategic Asset Allocation (Douglas Cumming, Lars Helge Haß and Denis Schweizer)

Chapter 3 Trends in Alternative Investments (Erik Benrud)

Chapter 4 Alternative Investments and Due Diligence (Gökhan Afyono?lu)

Part II: Real Estate

Chapter 5 REITs and the Private Real Estate Market (Shaun A. Bond and Qingqing Chang)

Chapter 6 Commercial Real Estate (Peter Chinloy)

Chapter 7 Real Estate Investment Trusts (Brad Case)

Chapter 8 Mortgaged Backed Securities (Eric J. Higgins)

Chapter 9 Mezzanine Debt and Preferred Equity in Real Estate (Andrew R. Berman)

Chapter 10 Real Estate Appraisal and Valuation (Jeffrey D. Fisher and Demetrios Louziotis, Jr.)

Chapter 11 Performance of Real Estate Portfolios (David Geltner)

Part III: Private Equity

Chapter 12 Venture Capital (Tom Vanacker and Sophie Manigart)

Chapter 13 Mezzanine Capital (Sameer Jain and Phillip Myburgh)

Chapter 14 Buyout Funds (Christian Rauch and Mark Wahrenburg)

Chapter 15 Distressed Debt Investing (Michelle M. Harner, Paul E. Harner, Catherine M. Martin and Aaron M. Singer)

Chapter 16 Performance of Private Equity (Christoph Kaserer and Rüdiger Stucke)

Chapter 17 Private Equity: Risk and Return Profile (Axel Buchner, Arif Khurshed and Abdulkadir Mohamed)

Part IV: Commodities and Managed Futures

Chapter 18 Investing in Commodities (Claudio Boido)

Chapter 19 Performance of Commodities (Andrew Clark)

Chapter 20 Commodity Futures and Strategic Asset Allocation (Yongyang Su, Marco C. K. Lau and Frankie Chau)

Chapter 21 Managed Futures: Markets, Investment Characteristics, and Role in a Portfolio (Davide Accomazzo)

Chapter 22 Performance of Managed Futures: 1983 to the Post-2008 Crisis Period (Kai-Hong Tee)

Part V: Hedge Funds

Chapter 23 Investing in Hedge Funds (Hunter M. Holzhauer

Chapter 24 Performance of Hedge Funds (Dianna Preece)

Chapter 25 Hedge Funds and Risk Management (Theodore Syriopoulos)

Chapter 26 Hedge Funds and the Financial Crisis (Jing-Zhi Huang and Ying Wang)

Chapter 27 Hedge Funds:  Replication and Nonlinearities (Mikhail Tupitsyn and Paul Lajbcygier)

Chapter 28 Fund of Funds: A Tale of Two Fees (Kartik Patel, CFA)

Answers to Discussion Questions

Index