REIT Advisor Performance
研究了房地产投资信托（REIT）的业绩是否与顾问类型相关，发现七类顾问均带来零或负收益，且不同类型间平均异常回报显著不同，顾问类型是股东回报的重要决定因素。
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.