This study examines the return rates and portfolio characteristics of eighteen diversified pooled equity real estate funds from 1983 through 1988 using regression analysis and paired comparisons of funds. The purpose of the study is to determine the importance of portfolio characteristics to total return, appreciation return, and income return. / The most significant observation made in terms of property characteristics and return rates is that the size of the real estate investment was found to be strongly positively related to both appreciation and total return over the sample period. In terms of property type and location, it was found that the East was the most profitable region and offices were the least profitable type of real estate over the sample period. / Other specific conclusions from the empirical analysis are in regard to the many relationships between returns and various fund-specific characteristics. The level of cash balances within a pooled fund's portfolio was found to be positively related to total return, and the use of leverage by pooled funds was found to be beneficial only when nominal return on the pooled funds was relatively high compared to interest rates on mortgages. Fees charged by fund managers were found to be inversely related to return over the sample period, suggesting that managers may use high fees to compensate for poor performance. Finally, the size of the fund was found to be negatively related to return over the sample period. This finding is opposite findings in earlier studies, suggesting previously unobserved cyclical performance for pooled funds. / Source: Dissertation Abstracts International, Volume: 51-12, Section: A, page: 4225. / Major Professor: David W. Rasmussen. / Thesis (Ph.D.)--The Florida State University, 1990.
| Identifer | oai:union.ndltd.org:fsu.edu/oai:fsu.digital.flvc.org:fsu_78373 |
| Contributors | Fletcher, James Stuart., Florida State University |
| Source Sets | Florida State University |
| Language | English |
| Detected Language | English |
| Type | Text |
| Format | 127 p. |
| Rights | On campus use only. |
| Relation | Dissertation Abstracts International |
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