Boom and Gloom

• 成果类型: Article
• 署名作者: Povel, Paul; Sertsios, Giorgo; Kosova, Renata; Kumar, Praveen
• 署名单位: University of Houston System; University of Houston; Universidad de los Andes - Chile; Imperial College London; University of Houston System; University of Houston
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12391
• 发表日期: 2016
• 页码: 2287-2332
• 关键词: Information revelation; strategic delay; Herd behavior; performance; real; MARKETS; IMPACT; entry

摘要

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.