Analyst Activity and Firm Value: Evidence from the REIT Sector |
| |
| Authors: | Erik Devos Seow Eng Ong Andrew C. Spieler |
| |
| Affiliation: | (1) Department of Economics and Finance, University of Texas-El Paso, El Paso, TX 79968, USA;(2) Department of Real Estate, National University of Singapore, Singapore, Singapore;(3) Department of Finance, Frank G. Zarb School of Business, Hofstra University, Hempstead, NY 11549, USA |
| |
| Abstract: | This paper is the first to examine (1) properties of analyst forecasts and (2) effects of analyst following on firm value for all REITs on CRSP, Compustat and I/B/E/S. Our results suggest that REITs operate in an information environment that has changed over time. We find that for periods when the REIT industry was either in the developmental stage (pre-1992), or after other structural changes in the industry (post-2000), more analysts cover REITs and forecasts are more accurate and less biased. Further, we find that mortgage REITs are more transparent than other REIT structures and exhibit properties of analyst behavior that are different from other types of REITs. Our investigation into the effect of analyst coverage on REIT value suggests that analyst coverage increases REIT value (as measured by Tobin’s q) and that the causality does not run the opposite way. |
| |
| Keywords: | REIT Analyst forecasts |
| 本文献已被 SpringerLink 等数据库收录！ |
|
