2010
DOI: 10.1007/s11146-010-9257-0
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International Real Estate Mutual Fund Performance: Diversification or Costly Information?

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Cited by 17 publications
(24 citation statements)
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“…This is all the more a concern because most of the funds in our sample invest internationally. Shen et al (2010) argue that search costs for international real estate funds are higher compared to international equity investments, because of country-specific factors, such as the quality of a country's real estate legal system or the local corporate governance environment.…”
Section: Participation Costsmentioning
confidence: 99%
“…This is all the more a concern because most of the funds in our sample invest internationally. Shen et al (2010) argue that search costs for international real estate funds are higher compared to international equity investments, because of country-specific factors, such as the quality of a country's real estate legal system or the local corporate governance environment.…”
Section: Participation Costsmentioning
confidence: 99%
“…Elton et al (1987) show that a mutual fund should be added to an existent portfolio as long as the Sharpe ratio of the fund is higher than the product of the return correlation of the mutual fund and the existing portfolio and the Sharpe ratio of the existing portfolio. Polwitoon and Tawatnuntachai (2006) and Shen et al (2012) also examined mutual funds' diversification value by implementing Elton et al's (1987) methodology. The former examined global bond funds, whereas the latter examined international real estate mutual funds.…”
Section: Literature Reviewmentioning
confidence: 99%
“…The authors reported that global bond funds provide diversification benefits to equity mutual fund investors. Shen et al (2012) investigated the diversification value of international real estate mutual funds during the period of 1998-2008. They find that in comparison with domestic real estate mutual funds, the diversification benefits provided to investors by international real estate funds outweigh the information costs incurred by fund managers investing overseas.…”
Section: Literature Reviewmentioning
confidence: 99%
“…Where: We measure diversification value provided to fund shareholders as the difference between the ratios (left minus right). Polwitoon and Tawatnuntachai (2006) and Shen, Lu, and Lin (2012) also study mutual funds' diversification value by implementing Elton et al's (1987) methodology. The former examined global bond funds, whereas the latter considered international real estate mutual funds.…”
Section: Methodsmentioning
confidence: 99%