caa a22 4500 445316551 CHVBK 20180317142649.0 cr unu---uuuuu 170323e20110101xx s 000 0 eng 10.1007/s11146-009-9189-8 doi (NATIONALLICENCE)springer-10.1007/s11146-009-9189-8 Does Focus Really Matter? Specialized vs. Diversified REITs [Elektronische Daten] [SeungHan Ro, Alan Ziobrowski] REITs that limit their holdings to a single property type typically defend their lack of diversification by claiming the management possesses special investment expertise in that particular property type. This paper investigates whether property type specialized REITs outperform diversified REITs thus providing evidence of superior management expertise associated with specialized REITs. We compare the performance of specialized versus diversified REIT portfolios during 1997-2006 by examining abnormal returns using CAPM and the Fama-French three factor model with momentum. We find no evidence of superior performance associated with REITs specializing in a single property type. On the contrary, diversified REITs somewhat outperform specialized REITs, but not by a statistically significant margin. Also, consistent with theory, we find that specialized REITs have higher market risk than diversified REITs. Springer Science+Business Media, LLC, 2009 Real Estate Investment Trusts (REIT) nationallicence Management expertise nationallicence Property type specialization nationallicence Diversification nationallicence Efficient market hypothesis nationallicence Ro SeungHan Department of Real Estate, J. Mack Robinson College of Business, Georgia State University, P.O. Box 4020, 30302-4020, Atlanta, GA, USA aut Ziobrowski Alan Department of Real Estate, J. Mack Robinson College of Business, Georgia State University, P.O. Box 4020, 30302-4020, Atlanta, GA, USA aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 42/1(2011-01-01), 68-83 0895-5638 42:1<68 2011 42 11146 https://doi.org/10.1007/s11146-009-9189-8 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-009-9189-8 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Ro SeungHan Department of Real Estate, J. Mack Robinson College of Business, Georgia State University, P.O. Box 4020, 30302-4020, Atlanta, GA, USA aut NATIONALLICENCE 700 1- Ziobrowski Alan Department of Real Estate, J. Mack Robinson College of Business, Georgia State University, P.O. Box 4020, 30302-4020, Atlanta, GA, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 42/1(2011-01-01), 68-83 0895-5638 42:1<68 2011 42 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer