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Do the managers of global real estate mutual funds have skills?

MacGregor, B. D., Schulz, R. and Zhao, Y. ORCID: https://orcid.org/0000-0002-9362-129X (2022) Do the managers of global real estate mutual funds have skills? Journal of Real Estate Research. ISSN 0896-5803

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To link to this item DOI: 10.1080/08965803.2022.2033398

Abstract/Summary

We examine the performance of active, global real estate mutual funds (GREMFs), both at sector and individual fund levels. We apply a bootstrap procedure to separate genuine skills from luck. We find no evidence of skills, but find evidence of lack of skills in the bottom 10% of funds. We find that outsourcing has a positive effect on GREMFs but a negative effect on global mutual funds overall. We also find no evidence of skills in timing or in stock selection. Overall, our results suggest that there is no benefit to a U.S. domestic investor from investing in GREMFs.

Item Type:Article
Refereed:Yes
Divisions:Henley Business School > Real Estate and Planning
ID Code:107070
Publisher:American Real Estate Society

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