Brent William Ambrose, Thesis Honors Advisor Samuel Burton Bonsall, IV, Faculty Reader Brent William Ambrose, Thesis Supervisor
Keywords:
Real Estate REIT Sustainability Green LEED CSR
Abstract:
While there have been numerous studies testing REIT portfolio greenness and its relation to financial performance, using a “shock date” and event study approach, there is limited research that uses IPO date as the “shock date.” In order to fill this void in existing research, an event study was coordinated to determine the financial performance of selected firms one year following IPO date, determined the “greenness factor” for each firm and analyzed the results. The “greenness factor” in this study is defined as property-level LEED and Energy Star certification percentage. A major challenge presented during the data collection phase was to retroactively identify REIT portfolios at the time of IPO. Through a series of analyses, the ultimate objective is to determine if there exists a positive relationship between green REITs and positive financial returns shortly after initial public offering.
