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 with internal monitoring of management activities by the board of directors, other top managers, or large block shareholders. Copyright American Real Estate and Urban Economics Association.
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Volume (Year): 22 (1994)
Issue (Month): 3 ()
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