Reits’ Price Reaction to Unexpected FFO Announcements

Information, uncertainty, and behavioral effects: Evidence from abnormal returns around real estate investment trust earnings announcements

“…Baik et al (2008) provide further evidence suggesting that the information content of FFO has significantly increased since 2000 and that investors perceive less manipulation and greater reliability. Gyamfi-Yeboah et al (2010) also find that FFO provides more useful information to investors than GAAP net income.…”