@techreport{54be3249f49c4e34a5683cecbb0a6390,
title = "Do the Managers of Global Real Estate Mutual Funds Have Skills?",
abstract = "We examine the performance of active, global real estate mutual funds (GREMFs), both at sector and individual fund levels. We apply a bootstrap procedure to separate genuine skills from luck. We find no evidence of skills, but find evidence of lack of skills in the bottom 10% of funds. We find that outsourcing has a positive effect on GREMFs but a negative effect on global mutual funds overall. We also find no evidence of skills in timing or in stock selection. Overall, our results suggest that there is no benefit to a U.S. domestic investor from investing in GREMFs.",
keywords = "mutual fund performance, real estate, global investment, bootstrap",
author = "Bryan MacGregor and Rainer Schulz and Yuan Zhao",
year = "2020",
month = aug,
language = "English",
volume = "20",
series = "Discussion Papers in Economics and Finance",
publisher = "University of Aberdeen",
number = "6",
pages = "1--40",
address = "United Kingdom",
edition = "6",
type = "WorkingPaper",
institution = "University of Aberdeen",
}