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Do Management Changes Matter? An Empirical Investigation of REIT Performance

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Author Info
G. Stacy Sirmans () (Department of Risk Management/Insurance, Real Estate and Business Law, College of Business, Room 248 RBB, Florida State University, Tallahassee, FL 32306-1110)
H. Swint Friday () (Department of Finance, College of Business, Room DW 201C, Texas A&M University ? Corpus ChristiCorpus Christi, TX 78412)
Russell M. Price () (Department of Finance, College of Business, Florida State University, Tallahassee, FL 32306-1110)
Abstract

Management’s (board of directors or executive officers) contribution to a firm is difficult to directly observe, although stock return performance can be a source of information. This study addresses this issue by extending the work of McIntosh, Rogers, Sirmans and Liang (1994) by analyzing management changes within REITs from 1984 to 2002. The findings indicate a significant relationship between negative performance and a management change from a period three months prior to the change in management. Logit and probit analysis are used to determine whether negative firm performance (measured by its relationship to market returns) can predict the likelihood of a management change. No predictive ability is found.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol28n02/02.131_148.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal journal of Real Estate Research.

Volume (Year): 28 (2006)
Issue (Month): 2 ()
Pages: 131-148
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:jre:issued:v:28:n:2:2006:p:131-148

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
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  5. C. Edward Fee, 2003. "Raids, Rewards, and Reputations in the Market for Managerial Talent," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 16(4), pages 1315-1357. [Downloadable!] (restricted)
  6. Bonnier, Karl-Adam & Bruner, Robert F., 1989. "An analysis of stock price reaction to management change in distressed firms," Journal of Accounting and Economics, Elsevier, vol. 11(1), pages 95-106, February. [Downloadable!] (restricted)
  7. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law & Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
  8. Willard Mclntosh & Ronald C. Rogers & C. F. Sirmans & Youguo Liang, 1994. "Stock Price and Management Changes: The Case of REITs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 22(3), pages 515-526. [Downloadable!] (restricted)
  9. Allgood, Sam & Farrell, Kathleen A, 2000. "The Effect of CEO Tenure on the Relation between Firm Performance and Turnover," Journal of Financial Research, Southern Finance Association and Southwestern Finance Association, vol. 23(3), pages 373-90, Fall.
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  13. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-88, June. [Downloadable!] (restricted)
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