Outperformance: Does Managerial Specialization Pay?

Piet Eichholtz, Hans Op t Veld and Mark Schweitzer

Center for Financial Institutions Working Papers from Wharton School Center for Financial Institutions, University of Pennsylvania

Abstract: In this study, we investigate whether managerial specialization leads to significant outperformance of investment trusts. In the existing literature on the performance of mutual funds one of the unsolved puzzles is the persistence of outperformance. We argue that specialization is one of the factors determining this persistence. We use data on Real Estate Investment Trusts since managerial specialization of these companies can be measured in a straightforward way. We look at the effects of specialization by property type and by geographic region and find that property specialization leads indeed to an outperformance of the market, whereas geographical specialization leads to underperformance.

This paper was presented at the Financial Institutions Center's conference on Performance of Financial Institutions, May 8-10, 1997.

References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://fic.wharton.upenn.edu/fic/papers/97/schweitzer.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://fic.wharton.upenn.edu/fic/papers/97/schweitzer.pdf [301 Moved Permanently]--> https://wifpr.wharton.upenn.edu/fic/papers/97/schweitzer.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wop:pennin:97-31

Access Statistics for this paper

More papers in Center for Financial Institutions Working Papers from Wharton School Center for Financial Institutions, University of Pennsylvania Contact information at EDIRC.
Bibliographic data for series maintained by Thomas Krichel ().