Boom and Gloom

Paul Povel; Giorgo Sertsios; Renáta Kosová; Praveen Kumar

doi:10.1111/jofi.12391

Boom and Gloom

Paul Povel, Giorgo Sertsios, Renáta Kosová, Praveen Kumar

Facultad de Ciencias Económicas y Empresariales

Research output: Contribution to journal › Article › peer-review

7 Scopus citations

Abstract

We use a large data set covering hotels in the United States, with rich details on their location, characteristics, and performance. We find that hotels built during hotel construction booms underperform their peers. For hotels built during local hotel construction booms, this underperformance persists for several decades. We examine possible explanations for this long-lasting underperformance. The evidence is consistent with information-based herding explanations.

Original language	American English
Pages (from-to)	2287-2332
Number of pages	46
Journal	Journal of Finance
Volume	71
Issue number	5
DOIs	https://doi.org/10.1111/jofi.12391
State	Published - 1 Oct 2016

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10.1111/jofi.12391

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abstract = "We use a large data set covering hotels in the United States, with rich details on their location, characteristics, and performance. We find that hotels built during hotel construction booms underperform their peers. For hotels built during local hotel construction booms, this underperformance persists for several decades. We examine possible explanations for this long-lasting underperformance. The evidence is consistent with information-based herding explanations.",

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