An empirical examination of the performance of real estate mutual funds 1990-2008
DOI:
https://doi.org/10.61190/fsr.v21i4.4684Keywords:
Stock selection ability, Real estate mutual fund, Mutual fund performanceAbstract
Empirical support for the evidence of over- or under-performance in real estate mutual funds is mixed. Using a sample covering the period 1990-2008, we provide a thorough investigation of the performance of real estate fund managers, including an examination of the impact of the down-market of 2007-2008. Our initial results show no over-performance for the overall period of 1990-2008; however, after accounting for the down-market period of 2007-2008, fund managers significantly out-perform the market for the 1990-2006 period. Thus, our results show that mutual fund investors can earn superior returns by investing in real estate mutual funds. Further, our cross-sectional results show that investors can earn higher returns by investing in funds that are large in size and rebalanced more frequently.
Downloads
Downloads
Published
Issue
Section
License
Copyright (c) 2012 Academy of Financial Services
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Author(s) retain copyright and grant the Journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial 4.0 International License that allows to share the work with an acknowledgment of the work's authorship and initial publication in this Journal.
This license allows the author to remix, tweak, and build upon the original work non-commercially. The new work(s) must be non-commercial and acknowledge the original work.
