REIT Advisor Performance |
| |
| Authors: | John S Howe James D Shilling |
| |
| Institution: | Departrnent of Finance, Louisiana State University, Baton Rouge, Louisiana 70803.;Department of Real Estate and Urban Land Economics, School of Business, 1155 Observatory Drive, University of Wisconsin, Madison, Wisconsin 53706. |
| |
| Abstract: | In this article, we examine whether the performance of real estate investment trusts (REITs) is correlated with advisor type. Seven categories of advisors are used in the analysis. All categories exhibit zero or negative performance measures and the average abnormal returns across advisor types are significantly different from each other. We conclude that advisor type is an important determinant of the returns realized by a REIT's shareholders. Additional analysis suggests that firm size and property location may partially explain REIT performance. |
| |
| Keywords: | |
|
|
