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REIT Advisor Performance

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  • John S. Howe
  • James D. Shilling

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.

Suggested Citation

  • John S. Howe & James D. Shilling, 1990. "REIT Advisor Performance," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(4), pages 479-500, December.
    • Handle: RePEc:bla:reesec:v:18:y:1990:i:4:p:479-500
    DOI: 10.1111/1540-6229.00533
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