Stock Price and Management Changes: The Case of REITs |
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| Authors: | Willard Mclntosh Ronald C Rogers C F Sirmans Youguo Liang |
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| Institution: | MIG Realty Advisors, Inc., West Palm Beach, FL 33401;University of South Carolina, Columbia, SC 20208;University of Connecticut, Storrs, CT 06269;Cleveland State University, Cleveland, OH 44115 |
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| Abstract: | 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. |
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