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Chun, G., B. Ciochetti, and J. Shilling. “Pension-Plan Real Estate Investment in an Asset–Liability Framework.” Real Estate Economics, Vol. 28, No. 3 (2000), pp. 467-491. Hudson-Wilson, S., J. Gordon, F. Fabozzi, M. Anson, and S. Giliberto. “Why Real Estate?” The Journal of Portfolio Management, Vol. 31, No. 5 (2005), pp. 12-21. Lakonishok, J., A. Schliefer, and R. Vishny. “The Structure and Performance of the Money Management Industry.” Brookings Papers on Economic Activity. Microeconomics, 1992, pp. 339-391. Pagliari, J.J., K. Scherer, and R. Monopoli. “Public versus Private Real Estate Equities: A More Refined, Long-Term Comparison.” Real Estate Economics, Vol. 33, No. 1 (2005), pp. 147-187. To order reprints of this article, please contact Dewey Palmieri at dpalmieri@ iijournals.com or 212-224-3675. 42 A GLOBAL P ERSPECTIVE ON P ENSION FUND INVESTMENTS IN R EAL ESTATE JPM-ANDONOV.indd 42 SPECIAL R EAL ESTATE ISSUE 2013 9/17/13 9:09:05 PM