Managerial Style and Firm Value
将房地产投资信托行业的管理费用拆分为结构性部分和风格部分，发现风格部分与投资组合多元化相关，且对项目现金流有正面影响，但结构性部分会降低股价。
This study analyzes the effect of managerial style on firm value by partitioning general and administrative (G&A) expenses in the real estate investment trust industry into a nondiscretionary “structural” component associated with the costs of asset and liability management and a discretionary or “style” component. The discretionary component is significantly related to at least one measure of style—specifically, the portfolio focus/diversification of the firm. Gross (project‐level) cash flows are invariant to the nondiscretionary or structural component of G&A but are positively related to the style component of G&A. The structural component has a negative impact on share price while the style component has a neutral impact. Therefore, for this industry, creating larger, less‐levered firms would result in enhanced value.