Professor Avis Devine recipient of research grant

Professor Avis Devine, along with co-authors Eva Steiner (Cambridge University, UK) and Erkan Yonder (Ozyegin University, Turkey), is the recipient of a research grant from the European Public Real Estate Association (EPRA) for work titled "Decomposing the value effects of sustainable investment." This research focuses on Devine's area of specialty, sustainable and energy efficient real estate, by examining the channels through which sustainability practices affect firm value and performance.  The researchers will study the corporate structure of listed real estate firms in the US and UK, decomposing the effects of strong sustainability practices on the firms' value. Research goals include providing insight into the amount of resources that should be optimally allocated toward generating "green value," thereby providing guidance for investors on what might be the price of a "green conscience."