Capozza, Dennis R; Seguin, Paul J - In: The Journal of Real Estate Finance and Economics 20 (2000) 2, pp. 91-116
This study investigates why externally advised real estate investment trusts (REITs) underperform their internally managed counterparts. Consistent with previous studies, we find that REITs managed by external advisors underperform internally managed ones by over 7 percent per year....