IDEAS home Printed from https://ideas.repec.org/a/taf/rjerxx/v28y2006i2p131-148.html
   My bibliography  Save this article

Do Management Changes Matter? An Empirical Investigation of REIT Performance

Author

Listed:
  • Stacy Sirmans
  • Swint Friday
  • Russell Price

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.This paper received the award for the best paper on Real Estate Investment Trusts [sponsored by the National Association of Real Estate Investment Trusts (NAREIT)] presented at the 2004 ARES Annual Meeting.

Suggested Citation

  • Stacy Sirmans & Swint Friday & Russell Price, 2006. "Do Management Changes Matter? An Empirical Investigation of REIT Performance," Journal of Real Estate Research, Taylor & Francis Journals, vol. 28(2), pages 131-148, January.
    • Handle: RePEc:taf:rjerxx:v:28:y:2006:i:2:p:131-148
    DOI: 10.1080/10835547.2006.12091173
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/10835547.2006.12091173
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/10835547.2006.12091173?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:rjerxx:v:28:y:2006:i:2:p:131-148. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/rjer20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.