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- Title
An empirical examination of the performance of real estate mutual funds 1990-2008.
- Authors
Kaushik, Abhay; Pennathur, Anita K.
- Abstract
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.
- Publication
Financial Services Review, 2012, Vol 21, Issue 4, p343
- ISSN
1057-0810
- Publication type
Academic Journal