IDEAS home Printed from https://ideas.repec.org/p/arz/wpaper/eres2005_126.html
   My bibliography  Save this paper

Empirical Investigation

Author

Listed:
  • Dirk Brounen
  • Piet Eichholtz
  • David Ling

Abstract

This paper studies the value added arising from the skills of active real estate portfolio managers by exploring a database of listed property companies for Australia, the United Kingdom and the United States. We develops three indicators of portfolio management intensity, and investigates whether these indicators are related to various market- and accounting-based performance measures. Our empirical results suggest that it is difficult to explain variations in outperformance on the basis of the management intensity indicators developed in this paper. This suggests that even if commercial real estate markets do exhibit the persistent inefficiencies often attributed to them by practitioners, these inefficiencies are not big enough to compensate for the additional trading costs associated with the intensive portfolio strategies investigated in this study.

Suggested Citation

  • Dirk Brounen & Piet Eichholtz & David Ling, 2005. "Empirical Investigation," ERES eres2005_126, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2005_126
    as

    Download full text from publisher

    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2005-126
    Download Restriction: no
    ---><---

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arz:wpaper:eres2005_126. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Architexturez Imprints (email available below). General contact details of provider: https://edirc.repec.org/data/eressea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.