Real Estate Risk and Hedge Fund Returns

Brent W. Ambrose, Charles Cao, Walter D’Lima

Research output: Contribution to journalArticlepeer-review

2 Scopus citations


We explore a new investment dimension relating hedge fund exposure to the real estate market. Using fund level data from 1994 to 2012 from a major hedge fund data vendor, we identify 1,321 hedge funds as having significant exposure to direct or securitized real estate. We test for the economic impact of real estate exposure. Our analysis shows that real estate exposure does not increase fund performance.

Original languageEnglish (US)
Pages (from-to)197-225
Number of pages29
JournalJournal of Real Estate Finance and Economics
Issue number3
StatePublished - Apr 1 2016

All Science Journal Classification (ASJC) codes

  • Accounting
  • Finance
  • Economics and Econometrics
  • Urban Studies


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