Please use this identifier to cite or link to this item: https://doi.org/10.1007/s11146-007-9041-y
Title: Analyst activity and firm value: Evidence from the REIT sector
Authors: Devos, E.
Ong, S.E. 
Spieler, A.C.
Keywords: Analyst forecasts
REIT
Issue Date: 2007
Source: Devos, E., Ong, S.E., Spieler, A.C. (2007). Analyst activity and firm value: Evidence from the REIT sector. Journal of Real Estate Finance and Economics 35 (3) : 333-356. ScholarBank@NUS Repository. https://doi.org/10.1007/s11146-007-9041-y
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. © 2007 Springer Science+Business Media, LLC.
Source Title: Journal of Real Estate Finance and Economics
URI: http://scholarbank.nus.edu.sg/handle/10635/46080
ISSN: 08955638
DOI: 10.1007/s11146-007-9041-y
Appears in Collections:Staff Publications

Show full item record
Files in This Item:
There are no files associated with this item.

SCOPUSTM   
Citations

28
checked on Dec 6, 2017

WEB OF SCIENCETM
Citations

19
checked on Nov 22, 2017

Page view(s)

70
checked on Dec 10, 2017

Google ScholarTM

Check

Altmetric


Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.