Do Management Changes Matter? An Empirical Investigation of REIT Performance

G. Stacy Sirmans (), H. Swint Friday () and Russell M. Price ()
Additional contact information
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

Journal of Real Estate Research, 2006, vol. 28, issue 2, 131-148

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.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2006
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://pages.jh.edu/jrer/papers/pdf/past/vol28n02/02.131_148.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jre:issued:v:28:n:2:2006:p:131-148

Ordering information: This journal article can be ordered from
Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
http://pages.jh.edu/jrer/about/get.htm

Access Statistics for this article

Journal of Real Estate Research is currently edited by Dr. Ko Wang

More articles in Journal of Real Estate Research from American Real Estate Society American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323.
Bibliographic data for series maintained by JRER Graduate Assistant/Webmaster ().