Stock Price and Management Changes: The Case of REITs

Stock Price and Management Changes: The Case of REITs

This paper examines the relationship between a Real Estate Investment Trust's (REIT's) stock returns and top management changes. The results indicate an inverse relationship between the probability of a management change and a REIT's recent stock price performance. This is consistent...

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Veröffentlicht in:Real estate economics 1994-09, Vol.22 (3), p.515-526
Hauptverfasser: Mclntosh, Willard, Rogers, Ronald C., Sirmans, C. F., Liang, Youguo
Format: Artikel
Sprache:eng
Schlagworte:
Impacts
Organizational change
REITs
Statistical analysis
Stock prices
Upper management
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Beschreibung
Zusammenfassung:This paper examines the relationship between a Real Estate Investment Trust's (REIT's) stock returns and top management changes. The results indicate an inverse relationship between the probability of a management change and a REIT's recent stock price performance. This is consistent with internal monitoring of management activities by the board of directors, other top managers, or large block shareholders.
ISSN:1080-8620
1540-6229
DOI:10.1111/1540-6229.00646