As our goal is to observe managers’ abilities to generate profits through active management, we employ only properties that were both bought and sold within the sample period, and thus for which we have round trip transaction returns. In future versions of the paper, we will relax this condition where possible to account for properties purchased within the sample period and not yet sold, as well as properties purchased prior to the start of the sample and sold with the sample period. Our data allow for many levels of disaggregation at both the geographical and property type levels, as well as their interactions. While this creates many.
