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Does Focus Really Matter? Specialized vs. Diversified REITs

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  • SeungHan Ro

    ()

  • Alan Ziobrowski

    ()

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11146-009-9189-8
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    Bibliographic Info

    Article provided by Springer in its journal The Journal of Real Estate Finance and Economics.

    Volume (Year): 42 (2011)
    Issue (Month): 1 (January)
    Pages: 68-83

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    Handle: RePEc:kap:jrefec:v:42:y:2011:i:1:p:68-83

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    Web page: http://www.springerlink.com/link.asp?id=102945

    Related research

    Keywords: Real Estate Investment Trusts (REIT); Management expertise; Property type specialization; Diversification; Efficient market hypothesis;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Robert D. Campbell & Milena Petrova & C. F. Sirmans, 2003. "Wealth Effects of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 31(3), pages 347-366, 09.
    2. Marc A. Louargand, 1992. "A Survey of Pension Fund Real Estate Portfolio Risk Management Practices," Journal of Real Estate Research, American Real Estate Society, vol. 7(4), pages 361-374.
    3. Carhart, Mark M, 1997. " On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
    4. John R. Graham & Michael L. Lemmon & Jack G. Wolf, 2002. "Does Corporate Diversification Destroy Value?," Journal of Finance, American Finance Association, vol. 57(2), pages 695-720, 04.
    5. Kevin C.H. Chiang & Kirill Kozhevnikov & Ming-Long Lee & Craig H. Wisen, 2008. "Further Evidence on the Performance of Funds of Funds: The Case of Real Estate Mutual Funds," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(1), pages 47-61, 03.
    6. DeLong, Gayle L., 2001. "Stockholder gains from focusing versus diversifying bank mergers," Journal of Financial Economics, Elsevier, vol. 59(2), pages 221-252, February.
    7. Dennis R. Capozza & Paul J. Seguin, 1999. "Focus, Transparency and Value: The REIT Evidence," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 27(4), pages 587-619.
    8. Henrik Cronqvist & Peter Högfeldt & Mattias Nilsson, 2001. "Why Agency Costs Explain Diversification Discounts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 29(1), pages 85-126.
    9. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    10. David Ling & Andy Naranjo, 2006. "Dedicated REIT Mutual Fund Flows and REIT Performance," The Journal of Real Estate Finance and Economics, Springer, vol. 32(4), pages 409-433, June.
    11. John G. Gallo & Larry J. Lockwood & Ronald C. Rutherford, 2000. "Asset Allocation and the Performance of Real Estate Mutual Funds," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 28(1), pages 165-185.
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