Avis Devine

Assistant Professor
Department of Marketing and Consumer Studies
Phone number: 
519-824-4120 X52141

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Avis Devine is an Assistant Professor of Real Estate Finance with the MCS Department of University of Guelph's College of Business and Economics. Prior to her academic career, she was the Assistant Vice President in charge of commercial real estate underwriting and valuation for Dollar Bank, FSB in Pittsburgh, PA. Avis has a B.S. from Westminster College, majoring in Financial Economics, Business Administration and Music (Piano), an M.B.A. from Duquesne University with a concentration in Management, and a Ph.D in Finance from the University of Cincinnati. Her research interests include Sustainable and Energy Efficient Real Estate, Commercial Real Estate, Multifamily Housing, and Institutions.


University of Cincinnati, Cincinnati, OH            (Ph.D.)      
Concentration: Finance (Real Estate)

Duquesne University, Pittsburgh, PA                 (M.B.A.)     
Concentration: Management

Westminster College, New Wilmington, PA       (B.S.) 
Majors: Financial Economics, Business Administration, Music (Piano)

Awards and Honours

2016 Royal Institute of Chartered Surveyors award for Best Paper on Sustainability

2016 European Public Real Estate Association (EPRA) Research Award

2014 Aareal Award for Excellence in Real Estate Research, category: Doctoral Dissertation

2012 Eastern Finance Association Best Graduate Student Paper Award

2013 University of Cincinnati Real Estate Center Outstanding Graduate Student Award

Research Interests

Sustainable and Energy Efficient Real Estate

Multifamily Housing

Commercial Real Estate


View a selection of Avis' research on the Social Science Research Network here.


Bai, Q., Chang, Q., and Devine, A. “Capital Market Supply and REITs’ Financing and Investment Decisions,” International Journal of Managerial Finance, 10(2): 146-167.

Bond, S. and Devine, A. “Certification Matters: Is Green Talk Cheap Talk?” Forthcoming with Journal of Real Estate Finance and Economics.

Bond, S. and Devine, A. "Incentivizing Green Single-Family Construction: Identifying Effective Government Policies and Their Features," Forthcoming with Journal of Real Estate Finance and Economics.

Devine, A. and Kok, N. "Certification and Building Performance: Implications for Tanglibles and Intangibles," Forthcoming with Journal of Portfolio Management.

Current Courses

REAL 4820 (Real Estate Appraisal); REAL 4870 (Sustainable Real Estate); REAL 4830 (Real Estate Development Project)

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