Imperial College London

Dr. Renáta Kosová

Business School

Associate Professor of Economics



+44 (0)20 7594 2630r.kosova Website CV




CAGB 485City and Guilds BuildingSouth Kensington Campus






BibTex format

author = {Povel, P and Sertsios, G and Kosova, R and Kumar, P},
doi = {10.1111/jofi.12391},
journal = {Journal of Finance},
pages = {2287--2332},
title = {Boom and Gloom},
url = {},
volume = {71},
year = {2016}

RIS format (EndNote, RefMan)

AB - 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.
AU - Povel,P
AU - Sertsios,G
AU - Kosova,R
AU - Kumar,P
DO - 10.1111/jofi.12391
EP - 2332
PY - 2016///
SN - 1540-6261
SP - 2287
TI - Boom and Gloom
T2 - Journal of Finance
UR -
UR -
VL - 71
ER -