Ipos and Mutual Fund Returns

35 Pages Posted: 3 Sep 2001

See all articles by Richard J. Buttimer

Richard J. Buttimer

University of North Carolina (UNC) at Charlotte - Department of Finance & Business Law

David C. Hyland

Xavier University

Anthony B. Sanders

George Mason University - School of Business

Date Written: August 2001

Abstract

Recent research on mutual fund performance has ignored the impact of initial public offering on mutual fund performance. We show that the real estate mutual funds returns, at least in the 1990's, are almost entirely a function of REIT IPO returns, and that, after controlling for the REIT IPO returns, the real estate mutual funds exhibit no sensitivity to the Fama-French or momentum factors. We find that while REIT IPOs exhibited statistically significant long-run abnormal performance, real estate mutual funds did not.

Keywords: REIT, Asset Pricing, Valuation, Mutual Fund, IPO

JEL Classification: G10, G11, G12

Suggested Citation

Buttimer, Richard J. and Hyland, David C. and Sanders, Anthony Bown, Ipos and Mutual Fund Returns (August 2001). Available at SSRN: https://ssrn.com/abstract=281691 or http://dx.doi.org/10.2139/ssrn.281691

Richard J. Buttimer

University of North Carolina (UNC) at Charlotte - Department of Finance & Business Law ( email )

9201 University City Blvd.
Charlotte, NC 28223
United States
704 687-6219 (Phone)

David C. Hyland (Contact Author)

Xavier University ( email )

Cincinnati, OH 45207

Anthony Bown Sanders

George Mason University - School of Business ( email )

Fairfax, VA 22030
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
819
Abstract Views
3,212
rank
43,320
PlumX Metrics