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Full-Text Articles in Business
Economic Fundamentals, Capital Expenditures And Asset Dispositions, Brent Ambrose, Eva Steiner
Economic Fundamentals, Capital Expenditures And Asset Dispositions, Brent Ambrose, Eva Steiner
Eva Steiner
Research on the disposition effect in real assets to date ignores the active management component of these investments. Active management notably includes decisions about follow-up investment in the form of capital expenditures, as well as dispositions. Using a real option framework, we develop testable hypotheses and provide empirical evidence for the relationships between economic fundamentals, capital expenditures, property values, and the subsequent likelihood of sale. Our results shed new light on the evidence for the disposition effect.
“Off The Rack” Versus “Savile Row” The Value Of Custom Tailoring For Equity Investors, Steven D. Dolvin, Brent W. Ambrose, John Gonas
“Off The Rack” Versus “Savile Row” The Value Of Custom Tailoring For Equity Investors, Steven D. Dolvin, Brent W. Ambrose, John Gonas
Steven D. Dolvin
Equity asset managers within professional investment advisory firms will often manage both discretionary fee-based accounts as well as open-ended mutual funds - using comparable domestic equity investment disciplines. When retail and institutional investors choose between these products, their decision often hinges on performance and portfolio customization. After reconciling each product’s gross performance for calculation methodology, management and trading costs, and systematic risk measures, we find that concurrently-managed (where the same personnel manage a separately managed account and an open-ended mutual fund over the same time period using identical investment disciplines) small-cap separately managed accounts outperform small-cap actively-managed open-ended mutual funds …