updating expectations an analysis of post 9 11 returns jarl kallberg crocker h liu and paolo pasquariello 1 november 2 2005 associate professors finance department stern school busi ness assistant professor ross business at university michigan please address comments to jkallber nyu edu would like thank the salomon center for fi nancial support we are grateful sreedhar bharath richard buttimer dennis capozza ron donohue ned elton je fisher hugh kelly stephen melpezzi norman miller racster lynn sagalyn anthony sanders greg schwann william strange charles trzcinka seminar participants areuea meetings homer hoyt institute pacific rim real estate society jerry crute erik research assistance all errors remain our own abstract this study analyzes how three groups market insiders alysts investors revised their expected on new york es tate investment trusts reits in response catastrophic events september 2001 attack wtc represents a unique experi mental setting evaluate financialmarkets reactiontoexternalshocksfor
