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Does Focus Really Matter? Specialized vs. Diversified REITs
15 references·7 citing·41 second hopsampled
Does Focus Really Matter? Specialized vs. Diversified REITs (2009)Does Focus Really Matter? Specialized vs.…Public Versus Private Real Estate Equities: A More Refined, Long-Term Comparison (2005)Public Versus Private Real Es…Privately Versus Publicly Held Asset Investment Performance (2005)Privately Versus Publicly Hel…Diversification Discount or Premium? New Evidence from the Business Information Tracking Series (2004)Diversification Discount or P…Wealth Effects of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions (2003)Wealth Effects of Diversifica…Does Corporate Diversification Destroy Value? (2002)Does Corporate Diversificatio…Stockholder gains from focusing versus diversifying bank mergers (2001)Stockholder gains from focusi…Managerial Decisions and Long‐Term Stock Price Performance (2000)Managerial Decisions and Long…Commercial Real Estate Analysis and Investments (2000)Commercial Real Estate Analys…Focus, Transparency and Value: The REIT Evidence (1999)Focus, Transparency and Value…Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.1 (1998)Market efficiency, long-term …On Persistence in Mutual Fund Performance (1997)On Persistence in Mutual Fund…Diversification's effect on firm value (1995)Diversification's effect on f…Corporate focus and stock returns (1995)Corporate focus and stock ret…Tobin's q, Corporate Diversification, and Firm Performance (1994)Tobin's q, Corporate Diversif…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…Industry Concentration and U.S. REIT Returns (2019)Industry Concentration and U.…Failure of play on asset disposals and share buybacks: Application of game theory in the international hotel market (2019)Failure of play on asset disp…REIT Operational Efficiency: Performance, Risk, and Return (2018)REIT Operational Efficiency: …Diversification benefit and return performance of REITs using CAPM and Fama-French: Evidence from Turkey (2017)Diversification benefit and r…Performance drivers of private real estate funds (2016)Performance drivers of privat…The Sources of Risk Spillovers among U.S. REITs: Financial Characteristics and Regional Proximity (2014)The Sources of Risk Spillover…Property-type diversification and REIT performance: an analysis of operating performance and abnormal returns (2012)Property-type diversification…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Risk, Return, and Equilibrium: Empirical Tests (1973)The Cross-Section of Expected Stock Returns (1992)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)Determinants of corporate borrowing (1977)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Managerial discretion and optimal financing policies (1990)Curvilinearity in the diversification-performance linkage: an examination of over three decades of research (2000)Financial accounting information, organizational complexity and corporate governance systems (2003)Is there a diversification discount in financial conglomerates? (2006)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)Higher market valuation of companies with a small board of directors (1996)Investor Protection and Corporate Valuation (2002)Digital Business Strategy: Toward a Next Generation of Insights (2013)Dividend Policy, Growth, and the Valuation of Shares (1961)Risk Reduction as a Managerial Motive for Conglomerate Mergers (1981)The market for corporate control (1983)Diversification in Banking: Is Noninterest Income the Answer? (2004)The dark side of diversification: The case of US financial holding companies (2005)Bank activity and funding strategies: The impact on risk and returns☆ (2010)The Cost of Diversity: The Diversification Discount and Inefficient Investment (2000)Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction (2003)Cash Holdings and Corporate Diversification (2010)Identifying Technology Spillovers and Product Market Rivalry (2013)The Nature of the Firm (1937)Financing Constraints and Corporate Investment (1987)A Survey of Corporate Governance (1997)Enjoying the Quiet Life? Corporate Governance and Managerial Preferences (2003)Does Diversification Cause the 'Diversification Discount'? (2000)New Evidence and Perspectives on Mergers (2001)Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence (2002)Effects of Corporate Diversification on Productivity (2002)Efficient Capital Markets: A Review of Theory and Empirical Work (1970)The Equity Share in New Issues and Aggregate Stock Returns (2000)Chapter 18 A survey of behavioral finance (2003)Market liquidity as a sentiment indicator (2004)Investor Psychology and Asset Pricing (2001)More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)Presidential Address: Discount Rates (2011)Multifactor Explanations of Asset Pricing Anomalies (1996)
this work references cited by second hop· second hop is a sample of the most-cited connections

References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1997On Persistence in Mutual Fund Performance17,267 cited
  • 1995Diversification's effect on firm value3,069 cited
  • 1998Market efficiency, long-term returns, and behavioral finance1The comments of Brad Barber, David Hirshleifer, S.P. Kothari, Owen Lamont, Mark Mitchell, Hersh Shefrin, Robert Shiller, Rex Sinquefield, Richard Thaler, Theo Vermaelen, Robert Vishny, Ivo Welch, and a referee have been helpful. Kenneth French and Jay Ritter get special thanks.12,572 cited
  • 1994Tobin's q, Corporate Diversification, and Firm Performance2,437 cited
  • 2000Managerial Decisions and Long‐Term Stock Price Performance1,573 cited
  • 1995Corporate focus and stock returns1,078 cited
  • 2004Diversification Discount or Premium? New Evidence from the Business Information Tracking Series815 cited
  • 2002Does Corporate Diversification Destroy Value?754 cited
  • 2001Stockholder gains from focusing versus diversifying bank mergers590 cited
  • 2000Commercial Real Estate Analysis and Investments549 cited
  • 2005Public Versus Private Real Estate Equities: A More Refined, Long-Term Comparison195 cited
  • 1999Focus, Transparency and Value: The REIT Evidence176 cited
  • 2005Privately Versus Publicly Held Asset Investment Performance78 cited

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  • 2003Wealth Effects of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions57 cited
  • Cited by

    • 2018REIT Operational Efficiency: Performance, Risk, and Return70 cited
    • 2014The Sources of Risk Spillovers among U.S. REITs: Financial Characteristics and Regional Proximity36 cited
    • 2012Property-type diversification and REIT performance: an analysis of operating performance and abnormal returns33 cited
    • 2019Failure of play on asset disposals and share buybacks: Application of game theory in the international hotel market31 cited
    • 2017Diversification benefit and return performance of REITs using CAPM and Fama-French: Evidence from Turkey31 cited
    • 2019Industry Concentration and U.S. REIT Returns29 cited
    • 2016Performance drivers of private real estate funds18 cited