Finance Professor Andrew Spieler’s paper about real estate investment trusts recently won top honors from the American Real Estate Society (ARES).
“Are REIT Investors Overly Optimistic after Equity Offerings?; Evidence from Analyst Forecast Errors. Evidence from Analyst Forecast Errors.”, published in the Journal of Real Estate Finance and Economics, was selected as best in the real estate finance category at the ARES San Diego meeting.
The paper found that the possible underperformance of REITs after the initial public offering may be caused by over-optimistic investors. Co-authors include Elizabeth Devos, Eastern Michigan University; Erik Devos, University of Texas El Paso; and Seow Eng Ong, National University of Singapore.