REIT Unit Investment Trusts and Fund Manager Skill

24 Pages Posted: 16 Jan 2017 Last revised: 27 Jan 2017

See all articles by Kimberly F. Luchtenberg

Kimberly F. Luchtenberg

American University - Department of Finance and Real Estate

Date Written: January 26, 2017

Abstract

This study examines fund manager skill using a sample of Real Estate Investment Trust Unit Investment Trusts (REIT UITs). It also investigates how REIT UIT performance compares to investing in REIT mutual funds. Are REIT UIT fund managers able to select REITs that deliver superior performance? Using a hand-collected sample of REIT UITs from May 2009 to July 2015, this study finds that REIT UITs do not deliver statistically significant positive alpha. This result is consistent with the Comer and Rodriguez (2015) finding for a sample of diversified UITs, but counter to the Cici et al. (2011) finding of positive alpha for REIT mutual fund managers. This is the first paper to investigate fund manager stock selection skill in REIT UITs.

Keywords: REIT, unit investment trust, fund manager skill

JEL Classification: G10, G11, R30

Suggested Citation

Luchtenberg, Kimberly F., REIT Unit Investment Trusts and Fund Manager Skill (January 26, 2017). Available at SSRN: https://ssrn.com/abstract=2898818 or http://dx.doi.org/10.2139/ssrn.2898818

Kimberly F. Luchtenberg (Contact Author)

American University - Department of Finance and Real Estate ( email )

Kogod School of Business
4400 Massachusetts Ave., N.W.
Washington, DC 20016-8044
United States

Register to save articles to
your library

Register

Paper statistics

Downloads
53
Abstract Views
723
rank
382,036
PlumX Metrics