Stock Price and Management Changes: The Case of REITs

Willard Mclntosh, Ronald C. Rogers, C. F. Sirmans and Youguo Liang

Real Estate Economics, 1994, vol. 22, issue 3, 515-526

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.

Date: 1994
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