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....

Prior research has identified the manner in which human capital, social capital, and other intangible resources create value for organizations. Among such resources, those contributed by a firm's top managers have been singled out as particularly important for the generation and preservation of...