Boom and Gloom

Paul Povel, Giorgo Sertsios, Renáta Kosová, Praveen Kumar

Resultado de la investigación: Contribución a una revistaArtículorevisión exhaustiva

9 Citas (Scopus)

Resumen

We study the performance of investments made at different points of an investment cycle. 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.
Idioma originalInglés
Páginas (desde-hasta)2287-2332
Número de páginas46
PublicaciónJournal of Finance
Volumen71
N.º5
DOI
EstadoPublicada - 1 oct. 2016

Nota bibliográfica

Publisher Copyright:
© 2016 the American Finance Association

Palabras clave

  • Information revelation
  • Strategic delay
  • Herd behavior
  • Performance
  • Real
  • Markets
  • Impact
  • Entry

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