Faculty Scholarship 1994 - Present
Post entry performance of the de novo real estate investment trusts: An exploratory investigation using a non-stochastic frontier approach.
By utilizing a non-stochastic Malmquist index approach, we investigate the initial changes in the productivity and efficiency of the de novo REITs vis a vis established ones. Overall results suggest that de novo REITs tend to outperform established REITs in all aspects of technical efficiency. Productivity, technology, and efficiency also tend to grow faster in de novo REITs than in established REITs. It seems that the pace of learning by doing is much faster for de novo REITs than old ones.