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Boom and gloom

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boom_and_gloom.pdfAccepted version446.08 kBAdobe PDFView/Open
boom_and_gloom_internet_appendix.pdfSupporting information288.3 kBAdobe PDFView/Open
Title: Boom and gloom
Authors: Povel, P
Sertsios, G
Kosova, R
Kumar, P
Item Type: Journal Article
Abstract: We study the performance of investments made at different points of an investment cycle. We use a large data set covering hotels in the U.S., 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.
Issue Date: Oct-2016
Date of Acceptance: 11-Jun-2015
URI: http://hdl.handle.net/10044/1/23879
DOI: 10.1111/jofi.12391
ISSN: 1540-6261
Publisher: Wiley
Start Page: 2287
End Page: 2332
Journal / Book Title: Journal of Finance
Volume: 71
Issue: 5
Copyright Statement: © 2016 the American Finance Association. This is the peer reviewed version of the following article: Boom and Gloom, Kosova R, Povel P, Sertsios G, Kumar P in Journal of Finance 2015 which has been published in final form at http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/. This article may be used for non-commercial purposes in accordance With Wiley Terms and Conditions for self-archiving (http://olabout.wiley.com/WileyCDA/Section/id-820227.html#terms).
Keywords: Finance
1502 Banking, Finance and Investment
Publication Status: Published
Online Publication Date: 2016-02-03
Appears in Collections:Imperial College Business School